Question

_______________ plans are a bit like auto insurance: you pay a certain amount of your medical expenses up front, in the form of a deductible, and afterward the insurance company pays the majority of the bill. Also known as "_____-_____-_____".

Answer 1

Health insurance requires a deductible to be paid before coverage commences, similar to auto insurance. After the deductible, costs may be shared through co-insurance or co-payments.

Step-by-step explanation:

Health insurance plans can be compared to auto insurance in the sense that you have to pay a specified amount of your medical expenses yourself, known as a deductible, before your insurance coverage kicks in to cover the bulk of the costs. After meeting the deductible, the insured may still be responsible for a portion of the costs through mechanisms such as co-insurance or co-payments. With co-insurance, the insured pays a percentage of the medical expenses (for example, 20%), while co-payments involve paying a flat fee for services, like $20 for a regular doctor's visit.