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Health Insurance Quiz: Which Insurance Plan is Best for Me?
Our constant goal is to make the process of evaluating, selecting, and enrolling in a health insurance plan as simple as possible. There is no shame in admitting that we all find it difficult to choose the appropriate health insurance strategy. However, you’re off to a good start if you’ve managed to find this blog. Check out the below health insurance quiz.
Take the quiz to determine the best health insurance option for you.
1.) Is There a Healthcare Option Offered by My Employer?
If you answered YES: Purchasing insurance on your own is usually more expensive than employer-sponsored healthcare. If you locate a better plan, you are not required to use the health insurance provided by your employer.
If you responded “NO,” you are taking a big financial risk by not having health insurance. According to Forbes, the potential cost of such risk may be as high as $115,000. Fortunately, starting of 2021, subsidies for health insurance have been increased for practically every income level, lowering the cost of independently purchased policies.
2.) Do I Have Ongoing Prescription Needs?
If you answered YES, you should review the plan’s formulary before making a choice. While some preventative care prescriptions must be provided at no cost by all marketplace plans, the complete list of approved medications will vary by plan.
If you responded “NO,” a high-deductible plan with a Health Savings Account can be a wiser financial choice if you don’t need prescription medication.
3.) Do I Already Have a Doctor, Provider, or Hospital I Want to Keep?
If you answered YES, check to see if this physician or other provider is part of your plan’s network. There is no coverage for services received outside of the network under HMO plans. Although out-of-network coverage is more flexible with PPO plans, it is almost always more cheaper to remain in-network.
If you answered No, doing some research on the plan’s provider network can help you avoid a lot of trouble in the future, even if you don’t have a doctor at the moment. Think about things like how distant the doctor or hospital is from your home or whether you frequently travel across states.
4. Do I Have Enough Cash to Pay a High Deductible?
If you answered YES, selecting a high-deductible health plan (HDHP) is an effective strategy to lower monthly costs if you are confident that you can pay the plan’s deductible. You can learn more by reading our HSA Strategy: How to Maximize the Value of Your Health Savings Account [2022 Guide].
If you answered no, it is often worthwhile for many people to pay extra each month in return for a considerably lower deductible.
5. Do I Feel Like Obamacare Has Left Me Behind?
If you said yes: You might be an excellent candidate for healthcare cost sharing affirmatively. This is a legitimate and inexpensive alternative to standard health insurance programs. They are an excellent fit for people who pay for expensive health insurance but rarely use it.
If you answered no: The 2021 Health Insurance Open Enrollment period, which starts on November 1st each year, is when you can sign up for a health insurance plan. Many consumers will have lower premiums, copays, and deductibles in 2022 thanks to significantly extended subsidies.
Health Insurance Knowledge and Skills Questions
7.1 An appeal is:
1. A request to your health plan to add a new doctor to their network.
2. A request to your health plan to take another look at their decision about coverage of
treatment you received.
3. A request to your doctor to take another look at his or her charges for your care.
4. Not sure
7.2 Medically necessary is:
1. Information your doctor needs to give you before a big procedure, like surgery.
2. The care your doctor decides you need at each visit.
3. A treatment that a health plan has decided is needed to make a person better.
4. Not sure
7.3 Step therapy is:
1. A type of therapy not often covered by health plans.
2. A policy by health plans that requires your doctor to request the plan’s approval of an
increase in the dose of medicine you take.
3. A policy by health plans that encourages members to try effective but less expensive
medicines to treat their condition before trying more expensive ones.
4. Not sure
1.4 A premium is:
1. The payment your health plan makes for covered care.
2. The amount you pay each month to your health plan for your health insurance.
3. The amount you must pay for your health care before your health plan begins to pay.
4. Not sure
The questions in this section are about how health plans work. Please read each
question and select the best answer. If the correct answer is not clear to you, select “not
sure.”
8.1 What is generally true of health maintenance organizations (HMOs)?
1. (A) You need a referral to see a specialist, like a heart doctor.
2. (B) You may have to pay a percentage of the bill.
3. (C) You must select a primary care doctor from a list provided by your health plan.
4. (A) and (C).
5. (B) and (C).
6. Not sure
8.2 What is generally true of preferred provider organizations (PPOs)?
1. (A) You need a referral to see a specialist, like a heart doctor.
2. (B) You may have to pay a percentage of the bill.
3. (C) You can visit any doctor or hospital for care.
4. (B) and (C).
5. (A), (B), and (C).
6. Not sure
8.3 In general, what type of health plan tends to give fewer choices of doctors?
1. Health Maintenance Organization (HMO)
2. Preferred Provider Organization (PPO)
3. Not sure
Health plans differ in how much you are charged for your premium and how much
coinsurance you pay when you go to the doctor or hospital. A premium is the amount you pay
each month to your insurance company for your health insurance. Coinsurance is a percent of
the health care bill you pay. To make shopping for a plan easier, the plans are grouped into
several types.
Gold plans have the highest premium payment of $500 and the lowest coinsurance
payments of 10%.
Silver plans have moderate premium payments of $400 and moderate coinsurance
payments of 20%.
Bronze plans have the lowest premium payment of $300 and the highest coinsurance
payments of 30%.
8.4 If a person visits the doctor, under which type of plan will they be expected to pay the most
for the doctor’s visit?
1. Gold
2. Silver
3. Bronze
4. Not sure
8.5 Which of the following plans would you recommend to a person with a chronic condition?
This person visits their doctor twice a month and is taking three prescription drugs.
Plan 1: Premium is $50/month and the deductible is $2,500.
Plan 2: Premium is $70/month and the deductible is $1,000.
Plan 3: Premium is $100/month and the deductible is $300.
