Insurance Terms Flashcards
1
Q
What is copayment
A
Amount that the person insured is responsible for paying even if the service is covered by insurance
2
Q
What is a deductible
A
The amount that an individual or family must pay before they’re eligible for insurance coverage
3
Q
What is portability
A
The ability to continue employer-based health insurance after leaving a job (usually by paying full cost of insurance)
4
Q
What does the COBRA Law do
A
Generally ensures employees 18 months of portability, but requires employee to pay entire cost of health insurance
5
Q
What is a premium
A
The price paid by the purchaser for the insurance policy on a monthly/yearly basis
6
Q
What is a cap
A
A limit on the total amount that the insurance company will pay for a service per year, per benefit period, or per lifetime
