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Health Insur. Basics
TN Accident & Health (Health Insurance Basics)
| Term | Definition |
|---|---|
| Indemnity Contracts | Medical expense insurance policies are...... |
| Reimbursement | What does Indemnity mean? |
| DEATH | Life insurance insures against what ONE risk? |
| Disability Income Policy | Providing income replacement when the insured can NOT work because of a disability..... |
| Medical Expense Policy | Covering the cost of medical care and medical services... |
| Accidental Death & Dismemberment (AD&D) Policy | Providing a benefit if the insured dies or is severely injured because of an accident... |
| Medical Supplement Policy | Offering private insurance coverage that supplements Medicare coverage.... |
| Long-Term Care Policy | Covering the cost of sustained, long-term care provided in a nursing home, at home, or through extended health care agencies or facilities... |
| Limited Benefit Policy | Covering specific conditions or providing benefits for specific health services. |
| Limited Benefit Policies | Accident-Only, Dental, Vision, Prescription Drug Plans, Supplemental, etc. are all examples of.... |
| Medicare | A federal government program that provides hospital and medical insurance to people age 65 and older... |
| Medicaid | State public assistance program (with some federal support) that provides health care benefits for the poor of any age |
| Social Security | Provides disability income to people under age 65 who become totally disabled... |
| Workers Compensation | Provides benefits to workers who become sick or injured because of a job related event... |
| Group Plan | Commonly offered through employers or associations |
| State Level | Health insurance is regulated primarily at what level? |
| 2010 | When was the Patient Protection and Affordable Care Act (PPACA) signed into law? |
| Bronze Plan, Silver Plan, Gold Plan, and Platinum Plan | What are the 4 Metal levels that PPACA requires that health insurers offer? |
| Bronze Plan | Required to have an actuarial value of 60%, with insureds paying 40% |
| Silver Plan | Required to have an actuarial value of 70%, with insureds paying 30% |
| Gold Plan | Required to have an actuarial value of 80%, with insureds paying 20% |
| Platinum Plan | Required to have an actuarial value of 90%, with insureds paying 10% |
| January 1, 2014 | No health insurance plan (group or individual) may exclude coverage of pre-existing conditions for any adult applicant or dependent, as of... |
| Binding Receipt | Immediately binds the insurer to all of the policy's terms during the underwriting process, beginning when the application is signed. (More common with life insurance policies) |
| Conditional Receipt |
Created by:
Tiphanie_Dyme
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