Unit 1 - Insurance Flashcards
Types of Health Care Insurance - HMO
Health Maintenance Organization
Health Maintenance Organization
must choose a provider in network or costs are higher, out of pocket expenses are set.
Types of Health Insurance - PPO
Preferred Provider Organization
Preferred Provider Organization
Insured chooses a provider, usually require a deductible and copayment of 40-60%
Medicare
provides healthcare for people aged 65 or older that qualify
Medigap
Health insurance plan that helps pay medical expenses not covered by Medicare
Medicaid
Health insurance for eligible individuals/families of low income/resources
CHIP
Insurance for children of working families who earn too little to afford private insurance but are not eligible for Medicaid.
Workers Compensation
Insurance that provides medical care for employees injured on the job.
TRICARE
A US government health insurance plan for all military personnel and their families, and retired member of Armed Forces
Managed Care
developed in response to the rising health care costs
Health Insurance Policy
Contract between insurance company and individual or sponsor (employer) which is renewed annually or monthly
Premium
amount of money that you an/or your employer pays the insurance company every month or year as part of the insurance plan.
Co-pay
the flat fee that an individual is expected to pay for medical services, such as doctors visits.
Deductible
The amount of money that an individual pays before the benefits of health insurance kick in and coinsurance starts.
