Florida 2 15 Other Health Insurance concepts

Under what employer-provided plan are the benefits taxable to an employee in proportion to the amount of premium paid by the employer?

Disability Income

What type of health insurance covers partners or Corporate officers of a closely held business?

Disability Buy-Sell

In health insurance, when would an excess plan pay benefits?

After the primary plan has paid its full promised benefit, the excess plan will pay the balance

What are the five basic characteristics of managed care plans?

Controlled access to providers, comprehensive case management, preventive care, risk sharing, and high quality care

What type of disabilities will be covered by occupational coverage?

Disabilities that result from accidents or sicknesses that occur on or off the job

How are individually-owned disability income benefits taxed once received by the insured?

Disability benefits are not taxed; they are received income tax free

How long do short-term disability group plans pay benefits?

For a period of less than 2 years

What are the four types of workers compensation benefits?

Medical, income, rehabilitation and death benefits

What is subrogation in health insurance?

The legal process that gives the insurer the right to seek recovery from a third party that was responsible for the loss after the insurer has paid the insured for the loss

According to the Coordination of Benefits provision, if both parents have coverage for a child from their employers' policies, which policy will pay first?

The order of payment will be determined by the birthday rule: the coverage of the parent whose birthday is earlier in the year will be considered primary

What is the purpose of managed care health insurance plans?

To control health insurance claims expenses

If the insureds share in the cost of health insurance premium with the employer, this would be known as what type of group health plan?

contributory