Consumer-Directed Health Plans Are Not a New Concept

question 93

Multiple Choice

Consumer-directed health plans are not a new concept. They actually got their start in the late 1970s with the advent of:

• A) Health savings accounts (HSAs)
• B) Health reimbursement arrangements (HRAs)
• C) Medical savings accounts (MSAs)
• D) Flexible spending arrangements (FSAs)

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Definitions:

Insurance Premiums

Payments made to insurance companies to provide coverage for certain risks, such as property damage or liability.

Direct Costs

Expenses that can be directly attributed to the production of specific goods or services, such as raw materials and direct labor.

Liability Insurance

An insurance policy that provides protection against claims resulting from injuries and damage to people and/or property.

Merchandising Firm

A business that purchases finished goods for resale, making profit through the markup of those goods.