Key Terms For Health Insurance
It s important to understand your costs and key health insurance terms so you ll know what services your plan will pay for and how much each visit or medicine will cost.
Key terms for health insurance. Key health insurance terms. Certificate of creditable coverage cocc. Self funded insurance a self funded self insured health plan is a type of job based health insurance coverage where the employer pays the claims with its own funds. In technical terms sum assured is the term used for an amount that the insurer agrees to pay on death of the insured person or occurrence of any other insured event.
Policy wording may use different terms and you should read the terms and conditions of the relevant policy to understand the inclusions and exclusions of that policy. These are a general explanation of the meaning of terms used in relation to health insurance. A plan that is maintained by an employer for employees that meets the specific requirements of and regulations of section 125 of the internal revenue code. This will allow for educated decisions when choosing a health insurance plan.
Below are some basic key terms that are helpful to understand when researching health insurance plans. We ve created a glossary of essential health plan terms. Good news this is the perfect place to start. The financial loss that may arise due to the passing away of the life assured is generally chosen as a life cover when buying a life insurance plan.
Learn vocabulary terms and more with flashcards games and other study tools. You cannot rely on these terms to the part of any policy you may purchase. Start studying insurance key terms. This is different from fully insured plans where the employer contracts with an insurance company such as aetna or blue cross blue shield and the insurer covers the.
Health insurance plans that work with john muir health. March 08 2018 understanding key health insurance terms. Key health insurance terms. A ppo is a healthcare organization made up of doctors hospitals and other providers of healthcare services.
Check out our health insurance glossary full of information and terms commonly used in the health industry. An official document issued by an insurance carrier that confirms enrollment. But first let s untangle all the key terms you are likely to come across in health insurance. Common health insurance terms.
Insurance plans can differ in which providers you can see and how much you have to pay. As a general rule purchasing a ppo health insurance plan will give you. Ppo or preferred provider organization. Health care providers who are contracted with your health insurance plan to provide services at a contracted or discounted rate.
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