BUISENESS MANAGEMENT
INSURANCE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
You have no insurance.
|
|
|
You have health insurance with a $500 deductible.
|
|
|
You have auto insurance with a $700 deductible.
|
|
|
You have health insurance with a $1, 500 deductible.
|
Detailed explanation-1: -In medicine, the amount of money a patient pays for medical expenses that are not covered by a health insurance plan. Out-of-pocket costs include deductibles, coinsurance, copayments, and costs for non-covered healthcare services.
Detailed explanation-2: -An out-of-pocket expense (or out-of-pocket cost, OOP) is the direct payment of money that may or may not be later reimbursed from a third-party source. For example, when operating a vehicle, gasoline, parking fees and tolls are considered out-of-pocket expenses for a trip.
Detailed explanation-3: -You’ll have lower copayments or coinsurance. These are the payments you make each time you get care-for example, $30 for a doctor visit. You’ll have a lower out-of-pocket maximum. Instead of $5, 000, your out-of-pocket maximum for a particular Silver plan could be $3, 000.
Detailed explanation-4: -Importance of domiciliary treatment in health insurance Covers medical expenses in case of lack of bed availability at hospitals as experienced during the peak of the COVID-19 pandemic. Coverage in case the insured patient cannot be moved to a medical facility due to the existing medical situation.