Question

health coverage comparison
chapter 9, lesson 4

directions
write your answers to the following questions and be ready to discuss your answers with the class.

1. how much total money would you have spent out of pocket with each plan?
2. with each plan, how much total money would you have to spend before the insurance coverage pays 100% of your medical costs?
3. what is the purpose of health insurance?
4. why is it important for young adults to understand the role of health insurance?

Explanation:

Analyze Question 1

Using the Out-of-Pocket Costs and Health Insurance Math knowledge points

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Analyze Question 2

Using the Deductibles and Co-pays and Out-of-Pocket Costs knowledge points

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Analyze Question 3

The purpose of health insurance is to protect individuals from high, unexpected medical costs and to share financial risk. By paying regular premiums, policyholders transfer the risk of major medical expenses to the insurance company, ensuring affordable access to necessary healthcare services.

Analyze Question 4

Understanding health insurance is crucial for young adults because it helps them make informed financial decisions, avoid devastating medical debt, and manage their personal wellness. It empowers them to choose appropriate coverage as they transition to financial independence.

Answer:

Question 1

• Healthy Choice: \$168.25
• Super Healthy: \$298.00

Question 2

• Healthy Choice: \$2,500.00 (Out-of-Network maximum; there is no limit for In-Network)
• Super Healthy: \$1,000.00

Question 3

The purpose of health insurance is to provide financial protection against high, unexpected medical costs. It spreads financial risk across a large group of people, helping individuals afford necessary medical care, preventive services, and treatments without facing catastrophic personal debt.

Question 4

It is important for young adults to understand health insurance because they are transitioning to financial independence and must make critical decisions about their own coverage. Knowing how plans work helps them avoid unexpected medical bills, select the right plan for their budget, and maintain access to essential healthcare.