Managing Medical Bills

Question 1 of 10

Which type of medical savings account does not require you to have a high-deductible insurance plan?

Health Savings Account (HSA)

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Medical Savings Account (MSA)

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Flexible Spending Account (FSA)

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529 Savings Plan

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Question 2 of 10

How long will an unpaid medical collections account stay on your credit report?

2 years

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3 years

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5 years

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7 years

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Question 3 of 10

What type of prescription is generally less expensive?

Name-brand prescription

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Generic prescription

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New prescription

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Trial drug prescription

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Question 4 of 10

True or false: If you cannot pay for a medical bill in a single lump-sum, you can set up a payment plan.

True

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False

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Question 5 of 10

What does it mean when a medical credit card has “deferred interest”?

If you don’t pay off the balance by the end of the deferred interest period, you pay interest on the entire balance

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Once the deferred interest period ends, you pay interest charges on any balance that remains

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Interest charges only apply to charges made after the deferred interest period ends

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Interest charges don’t apply as long as you make payments on time

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Question 6 of 10

How many days do you have before a medical collection agency can report a collection account to the credit bureaus?

10 days

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30 days

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90 days

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180 days

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Question 7 of 10

True or false: As long as an emergency room is in your network, your insurance will cover the treatment.

True

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False

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Question 8 of 10

True or false: If your insurance pays a medical bill that went to collections, the collection account will be removed from your credit report immediately.

True

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False

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Question 9 of 10

What happens to money left over in a Flexible Spending Account at the end of the year?

You receive a refund for it

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It’s rolled over to the next year

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You lose that money

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You pay a fee on it

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Question 10 of 10

Which medical debt relief option pays off medical collections in full without a need for financing?

Debt consolidation loan

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HELOC

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Debt settlement program

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Debt management program

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Managing Medical Bills

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