Question 1

The Medicare Modernization Act,passed in 2003,established
A)the first long term care coverage for Medicare recipients
B)lowered deductibles for most Medicare recipients
C)added a prescription drug benefit to the Medicare program
D)instituted stringent price controls on the fees doctors and hospitals can charge
E)restricted the benefits that high income Medicare recipients can receive

Accepted Answer

The Medicare Modernization Act added a prescription drug benefit to the Medicare program. Option A is incorrect as long term care coverage was not introduced by the act. Option B is incorrect as the act did not lower deductibles for most Medicare recipients. Option D is incorrect as the act did not institute stringent price controls on the fees charged by doctors and hospitals. Option E is incorrect as the act did not restrict benefits for high-income Medicare recipients.

Question 2

The Following Questions Refer to the graph below. 
-If a third party guarantees a maximum patient price of $25,what quantity of office visits will patients demand?
A)0
B)30
C)50
D)70
E)More than 70

Accepted Answer

If the maximum patient price is guaranteed at $25, patients will demand 70 office visits, assuming the demand curve intersects the price at this quantity.

Question 3

The Following Questions Refer to the graph below. 
-If patients pay the full price for of office visits,how many office visits will they make?
A)0
B)30
C)50
D)70
E)More than 70

Accepted Answer

The answer of The Following Questions Refer to the graph...

Question 4

Programs that provide citizens with benefits for events that are beyond an individual person's control are called social insurance programs .

Accepted Answer

Social insurance programs are government-sponsored programs that provide benefits to individuals who experience certain life events, such as disability, retirement, or death of a spouse. These events are often beyond an individual's control, and social insurance programs are designed to provide a safety net to help individuals and their families cope with the financial consequences of these events.

Question 5

If your deductible is $200 and you pay co-insurance of 20%,how much will you have to pay for a $3,000 hospital stay?
A)$200
B)$560
C)$600
D)$760
E)$800

Accepted Answer

First, you will have to pay your deductible of $200. Then, your coinsurance of 20% will apply to the remaining $2,800 ($3,000 - $200).

20% of $2,800 is $560, so you will have to pay $560 in coinsurance.

Adding the deductible and coinsurance together, your total out-of-pocket cost for the hospital stay will be $760 ( $200 + $560).

Therefore, the best answer is D.

Question 6

The original design of the Social Security system called for a pay-as-you-go financing schemE.

Accepted Answer

The answer of The original design of the Social Security...

Question 7

The prescription drug benefit that is part of the Medicare Modernization Act of 2003 requires that recipients pay:
A)a monthly premium
B)a co-pay
C)a deductible
D)all of the above
E)none of the above,these benefits are provided to recipients at no charge

Accepted Answer

The prescription drug benefit of the Medicare Modernization Act of 2003 requires recipients to pay a monthly premium, co-pay, and deductible. Therefore, all of the above options are correct.

Question 8

Over time,Social Security has evolved to focus more on the family and less on the individual.

Accepted Answer

Social Security has expanded its coverage to provide benefits to family members of recipients, such as spouses, children, and even ex-spouses in certain situations. This shift towards a family-focused approach has been happening over the years.

Question 9

If your insurance company agrees to pay a fixed fee for you to receive a given treatment (for example,$5,000 for an appendectomy),the company is using which of the following?
A)A fee-for-service system
B)A managed care system
C)A co-insurance system
D)A prospective payment system
E)A social insurance system

Accepted Answer

A prospective payment system is a healthcare payment method where healthcare providers are paid a fixed amount based on the expected cost of treatment for a specific medical condition. In this case, the insurance company agrees to pay a fixed fee for the appendectomy procedure, which is an example of a prospective payment system.

Question 10

A patient may be required to pay a percentage of the cost of their health care above the fixed fee they pay.This is known as
A)The deductible
B)Co-insurance
C)Fee-for-service
D)The health care tax
E)Medicare tax

Accepted Answer

The situation described in the question is the definition of co-insurance, where the patient is responsible for a percentage of the cost of their healthcare above the fixed fee they pay. A deductible is a fixed amount that the patient must pay before the insurance coverage kicks in. Fee-for-service is a payment model where the healthcare provider is paid for each service they provide, rather than receiving a fixed salary. Health care tax and Medicare tax are not relevant to the question.

Question 11

The United States was the first nation to provide social insurance programs for its citizens.

Accepted Answer

Germany was the first nation to implement social insurance programs, starting with a health insurance system in 1883 under Chancellor Otto von Bismarck.

Question 12

Both Social Security and Medicare are social insurance programs.

Accepted Answer

Social Security and Medicare are both social insurance programs that provide benefits to eligible individuals based on their contributions or payments into the system over time.

Question 13

Health insurance results in
A)An increase in the quantity of health care demanded
B)An increase in the quantity of health care provided
C)An increase in the total cost of providing health care
D)All of the above
E)None of the above

Accepted Answer

Health insurance provides a means for individuals to access and afford health care services. This increase in demand for health care services leads to an increase in the quantity of health care demanded. Providers respond to this increased demand by providing more health care services, resulting in an increase in the quantity of health care provided. However, this increase in demand and supply leads to an increase in the total cost of providing health care.

Question 14

The Following Questions Refer to the graph below. 
-If a third party guarantees a maximum patient price of $25,how much must the third party pay per office visit?
A)$0
B)$25
C)$50
D)$75
E)More than $75

Accepted Answer

The answer of The Following Questions Refer to the graph...

Question 15

The major underlying factor that endangers Social Security's financial stability is the population bulge created by the "baby boom" generation.

Accepted Answer

The baby boom generation is a large demographic cohort born between 1946 and 1964, and as they start to retire, they will place a strain on Social Security's finances due to the increase in beneficiaries relative to workers paying into the system. This demographic shift is the major underlying factor that endangers Social Security's financial stability.

Question 16

If your deductible is $400 and you have co-insurance of 25%,how much will you have to pay for a $5,000 hospital stay?
A)$400
B)$1,150
C)$1,250
D)$1,550
E)$1,650

Accepted Answer

First, the deductible of $400 must be paid by the patient. Then, the patient will pay 25% of the remaining balance.

$5,000 - $400 = $4,600
$4,600 x 0.25 = $1,150

Therefore, the patient will pay a total of $1,550 ($400 + $1,150) for the hospital stay.

Question 17

Social insurance is private insurance purchased by the government.

Accepted Answer

Social insurance is a government program designed to provide protection against economic and social risks, such as unemployment or disability. It is not private insurance purchased by the government. Examples of social insurance programs include Social Security and Medicare in the United States.

Question 18

The Following Questions Refer to the graph below. 
-If patients pay the full price for office visits,what price will be charged in the market?
A)$0
B)$25
C)$50
D)$75
E)More than $75

Accepted Answer

The answer of The Following Questions Refer to the graph...

Question 19

The Social Security Act was signed into law by President Franklin Roosevelt in 1935.

Accepted Answer

The Social Security Act was indeed signed into law by President Franklin Roosevelt in 1935.

Question 20

The Following Questions Refer to the graph below. 
-If a third party guarantees a maximum patient price of $25,what total price must be paid per office visit to assure the quantity of office visits demanded will be provided?
A)$0
B)$25
C)$50
D)$75
E)More than $75

Accepted Answer

The answer of The Following Questions Refer to the graph...

Quiz 15: Social Security and Medicare: How Secure Is Our Safety Net for the Elderly

The Medicare Modernization Act,passed in 2003,established

The Following Questions Refer to the graph below. -If a third party guarantees a maximum patient price of $25,what quantity of office visits will patients demand?

The Following Questions Refer to the graph below. -If patients pay the full price for of office visits,how many office visits will they make?

Programs that provide citizens with benefits for events that are beyond an individual person's control are called social insurance programs .

If your deductible is $200 and you pay co-insurance of 20%,how much will you have to pay for a $3,000 hospital stay?

The original design of the Social Security system called for a pay-as-you-go financing schemE.

The prescription drug benefit that is part of the Medicare Modernization Act of 2003 requires that recipients pay:

Over time,Social Security has evolved to focus more on the family and less on the individual.

If your insurance company agrees to pay a fixed fee for you to receive a given treatment (for example,$5,000 for an appendectomy) ,the company is using which of the following?

A patient may be required to pay a percentage of the cost of their health care above the fixed fee they pay.This is known as

The United States was the first nation to provide social insurance programs for its citizens.

Both Social Security and Medicare are social insurance programs.

Health insurance results in

The Following Questions Refer to the graph below. -If a third party guarantees a maximum patient price of $25,how much must the third party pay per office visit?

The major underlying factor that endangers Social Security's financial stability is the population bulge created by the "baby boom" generation.

If your deductible is $400 and you have co-insurance of 25%,how much will you have to pay for a $5,000 hospital stay?

Social insurance is private insurance purchased by the government.

The Following Questions Refer to the graph below. -If patients pay the full price for office visits,what price will be charged in the market?

The Social Security Act was signed into law by President Franklin Roosevelt in 1935.

The Following Questions Refer to the graph below. -If a third party guarantees a maximum patient price of $25,what total price must be paid per office visit to assure the quantity of office visits demanded will be provided?