00:01
The term used to describe the amount that a policyholder must pay before a health insurance policy pays any benefits is deductible.
00:16
So for first question the answer would be option number c deductible is the correct answer.
00:30
Now second one is the term used to describe the percentage of medical expenses paid by a policyholder.
00:46
Percentage of medical expenses so this is basically coinsurance.
00:53
Option number b is actually coinsurance.
00:58
Make sense? so these are the terminologies you have to remember.
01:04
Now third one would be the term used to describe a specific dollar amount that is charged for a medical service or prescription drug is so that is copayment.
01:23
So option number a is correct for this which is copayment.
01:31
Now the fourth question is the term used to describe the annual limit after which a health insurance company will cover 100 % of medical expenses.
01:52
So what is that? you can say the term used for out of packet maximum.
02:02
So option number d is correct out of pocket maximum.
02:19
So this is going to be the answer.
02:22
Now fifth one is you have a health insurance policy with a dollar 500 annual deductible and 150 dollars per day copayment for the hospital expenses.
02:38
You are hospitalized for 5 days and the bill after group you can say after group insurance discounts comes to dollar 10 ,000.
02:51
How much of the hospital bill will you be expected to pay yourself? right? so remember it is asking about how much of the hospital bill will you be expected to pay yourself.
03:13
So 150 is the copayment per day basis.
03:18
So that means for 5 days copayment would be dollar 150 multiplied by 5 which is dollar 750.
03:34
So this much amount is the copayment for the hospital expenses.
03:39
But you got a bill of 10 ,000 dollars.
03:47
So now only 750 dollars is a copayment.
04:04
So what does copayment means? let us just understand.
04:08
So copayment means a fixed amount you pay for a covered health care service after you have paid your deductible.
04:18
So after that whatever is the amount means you have paid for the deductibles.
04:27
So i am not including the deductibles into the hospital bill because that is a deductible amount you have to pay for every year.
04:36
Make sense? so that means you will pay a copayment means this is the payment that is 15 like dollar 150 dollars for 5 days that becomes 750 dollars.
04:50
So this is the amount you need to pay.
04:52
Other than that all the amount would be paid by the insurance company.
04:56
Right? make sense? so that is why option number b is correct.
05:01
Therefore option number b is correct.
05:05
Option number b.
05:13
Okay.
05:14
But deductible is also added...