Module 5 Vocab Flashcards
Activities of Daily Living (ADLs)
Activities of Daily Living are the functions that are required for daily living, if they cannot be performed then they will qualify for longterm care benefits.
(1) Dressing
(2) Transferring
(3) Toileting
(4) Eating
(5) Bathing
(6) Maintaining continence (Controlling bowel moevements)
Affordable Care Act
Designed to make affordable coverage available for those who don’t have access to health insurance through their employer. There are 5 different coverage levels:
(1) Bronze - 60% of costs
(2) Silver - 70% of costs
(3) Gold - 80% of costs
(4) Platinum - 90% of costs
(5) Catastrophic coverage - high deductible
Benefit period
Begins the first day the person receives Medicare-covered service and ends when the person has been out of service for 60 days. If the person is readmitted to the hospital after 60 days, they will begin a new benefit period and are required to pay a new deductible.
Coinsurance
The percentage of the expenses that is paid by the insurance company once the deductible has been met for covered services. For Medicare, this is the percentage of the Medicare-approved amount that the beneficiary is responsible for paying.
Conservator
A fiduciary appointed by the court to manage the financial affairs of an incompetent person.
Copayment
A set amount that the insured will pay for a service as a doctor visit. This copay may or may not be applied to the annual deductible or coinsurance percentage (depending on the plan).
Deductible
The amount of expense a beneficiary must first incur before Medicare begins payment for covered services. (Cost sharing)
Durable Power of Attorney for Health Care (DPOAHC)
A document executed by a person called the principal, authorizing a person called the attorney in fact or agent to perform certain acts on behalf of the principal relating to medial matters.
Health Maintenance Organizations (HMOs)
Provide comprehensive service benefits, with an emphasis on preventative care. Care is typically provided through physicians and facilities that contract with the organization.
Health Savings Account
Tax-exempt trust available to individuals who purchase a plan that qualifies as high deductible. You can contribute ($3,850 individually or $7,750 for families each year) You can save an extra $1k if you are over the age of 55.
Living Will
A document signed by a competent person statin their wishes health care wish (what should and should not be done) if they are incompetent in a terminal situation. This only applies to terminal situations, otherwise it is up to the Durable Power of Attorney for Health Care (DPOAHC)
Long-term Care (LTC) Insurance
Provides overage for various custodial care expenses in the event the insured person becomes incapacitated as defined by the policy
Long-term care rider
An optional attachment for some life insurance and annuities that offer long term care coverage if the person becomes incapacitated.
Maximum Out-of-Pocket (MOOP) limit
A set maximum amount that the insured could have to pay, then the insurance must cover the entire amount left. It is a stop-loss that allows the insured to know the most they may have to pay.
Medicare Advantage (Part C)
Provides 4 basic plan types:
(1) Medicare HMO
(2) Medicare PPO
(3) Medicare Private Fee for Service (PFFS)
(4) Medicare special needs plans