Quiz On Healthcare and Medical Expense Planning

1. Which of the following is a tax-advantaged savings account specifically designed for medical expenses?
IRA (Individual Retirement Account)
ESA (Education Savings Account)
HSA (Health Savings Account)
2. What does COBRA stand for in relation to healthcare coverage?
Committee on Budget, Resources, and Accounting
Consolidated Omnibus Budget Reconciliation Act
Coordination of Benefits and Reimbursement Agreement
3. Which type of insurance provides coverage for long-term care services such as nursing home care or home health care?
Life insurance
Medicare
Long-term care insurance
4. What is the purpose of a Health Reimbursement Arrangement (HRA)?
To offer supplemental health coverage to employees
To reimburse employees for qualified medical expenses
To provide retirement benefits to employees
5. Which government program provides healthcare coverage for individuals aged 65 and older?
Medicare
TRICARE
Medicaid
6. Which of the following is a qualified medical expense that can be reimbursed through a Flexible Spending Account (FSA)?
Over-the-counter medications without a prescription
Cosmetic surgery
Vacation expenses for medical treatments
7. Which type of insurance policy pays a predetermined amount for each day an individual is hospitalized?
Term life insurance
Disability insurance
Hospital indemnity insurance
8. Which government program provides healthcare coverage for low-income individuals and families?
Medicare
Affordable Care Act
Medicaid
9. What is the purpose of a Health Maintenance Organization (HMO)?
To provide coverage for catastrophic medical events
To focus on preventive care and manage healthcare costs
To offer tax-advantaged savings for medical expenses
10. Which type of insurance is designed to cover the costs of unexpected medical events and emergencies?
Supplemental insurance
Catastrophic insurance
Comprehensive insurance
11. Which government program provides healthcare coverage for active and retired military personnel and their families?
TRICARE
Medicaid
COBRA
12. What is the purpose of a Health Savings Account (HSA)?
To save for retirement
To fund education expenses for dependent children
To pay for healthcare expenses with pre-tax dollars
13. Which of the following is an example of a preventive care service that is typically covered at no additional cost under health insurance plans?
Emergency room visits
Hospital stays
Annual physical exams
14. What is the purpose of a Medical Power of Attorney?
To make medical decisions on behalf of an individual who is unable to do so
To dispute medical bills and insurance claims
To apply for government healthcare programs
15. Which type of insurance covers a portion of the costs for prescription medications?
Vision insurance
Prescription drug insurance
Dental insurance