Please define the following health insurance related terms and give examples on each using your own words:

You must show all your work for full credit. A correct answer with no work shown is worth no points.

Your grade depends on your relative performance among your classmates. Please type your answers and use the Turnitin Link on Moodle to submit.

· You must show all your work for full credit. A correct answer with no work shown is worth no points.

1) Please define the following health insurance related terms and give examples on each using your own words:

Deductible:

Copayment:

Coinsurance:

Out of pocket maximum:

2) Use the following information to answer the following questions.

Deductible: $1,000

Coinsurance: 20%

Out-of-pocket maximum: $8,000

Let’s say you have $30,000 in covered medical expenses in January:

How much are you going to pay?

How much insurance company pays?

If you have additional $20,000 in medical expenses:

How much are you going to pay?

How much insurance company pays?

3) How “Medicare” works and how it is funded?

4) What services are covered with “Medicaid” and how states are involved to fund and administer the program?

5) Define behavioral economics. What kind of incentives can be used to design better healthcare? Include extent of effectiveness in your comments.

6) How social media can be used to design better healthcare?

7) Is healthcare right or luxury?