West Virginia Life and Health Practice Exam

The primary financial responsibility of the insured when using health insurance includes paying co-payments, deductibles, and coinsurance. These components represent out-of-pocket costs that the insured is required to cover as part of their health insurance plan.

Co-payments are fixed amounts the insured pays for a specific service, such as a doctor's visit or a prescription. Deductibles are the total amount the insured must pay for healthcare services before the insurance begins to cover expenses. Coinsurance is the percentage of costs the insured pays for services after the deductible has been met. Together, these elements reflect the sharing of costs between the insured and the insurance company, aligning with the principle of risk management in insurance.

Other options do not accurately reflect the typical financial responsibilities associated with health insurance. Covering all medical expenses regardless of insurance would negate the purpose of having insurance, as it would leave the insured financially vulnerable. Negotiating directly with healthcare providers is generally not the insured's responsibility, as insurance companies typically handle negotiations for costs on behalf of their policyholders. Lastly, managing their own health accounts does not encompass the financial obligations outlined in a health insurance plan, as it relates more to an individual's general health management than specific financial responsibilities.