Question

Medical insurance is commonly known as health insurance and can be purchased from private insurance companies. Which of the following best describes the classes of medical insurance?

A) coverage for hospital expense, surgical expense, physician expense, and major medical expense
B) coverage for hospital expense, non-major medical expense, surgical expense, and physician expense
C) coverage for hospital expense, comprehensive major medical expense, non-major medical expense, and physician expense
D) coverage for comprehensive major medical expense, non-major medical expense, surgical expense, and physician expense

Answer 1

Option A accurately describes medical insurance classes, including coverage for hospital, surgical, physician, and major medical expenses. Private health insurance can be employer-based or direct-purchased, with various cost-sharing measures like deductibles and co-payments.

Step-by-step explanation:

Medical insurance, also known as health insurance, can generally be purchased through private insurance companies and comes in various classes of coverage. The correct option that describes the classes of medical insurance is A) coverage for hospital expense, surgical expense, physician expense, and major medical expense. The hospital expense coverage pays for room, board, and incidental services during hospital stays. Surgical expense coverage handles the costs of surgical operations, and the physician expense addresses the fees for doctors' office visits. Lastly, major medical expense insurance provides protection against the high costs of serious illnesses or injuries that may require long-term treatment and care.

Private health insurance can either be employment-based, provided by an employer or union, or direct-purchase insurance, which is coverage that an individual buys directly from a private company. Plans typically include a deductible, cost-sharing through co-insurance or co-payments, and monthly fees. Government-funded programs, public healthcare, may offer additional assistance in covering health care costs.