Chapter 16: Health, Disability, and Life Insurance
medicare
a federally funded health insurance program available mainly to people over 65 and to people with certain disabilities
co-payment
a flat fee that one pays every time one receives a covered service.
health insurance
a form of protection that eases the financial burden people may experience as a result of illness or injury
preferred provider organization (PPO)
a group of doctors and hospitals that agree to provide specified medical services to members are prearranged fees
health maintenance organization (HMO)
a health insurance plan that directly employs or contracts with selected physicians and other medical professionals to provide health care services in exchange for a fixed, prepaid monthly premium
medicaid
a medical assistance program offered to certain low-income individuals and families
whole life insurance
a permanent policy for which one pays a specified premium each year for the rest of one's life
beneficiary (insurance)
a person named to receive benefits from an insurance policy
stop-loss
a provision under which an insured pays a certain amount, after which the insurance company pays 100 percent of the remaining covered expenses.
Blue Shield
an insurance company that provides benefits for surgical and medical services performed by physicians
Blue Cross
an insurance company that provides hospital care benefits
provisions
conditions
board
daily meals
supplemental
extra
hospices
facilities and organizations that provide care for the terminally ill
valid
good
point-of-service (POS) plan
health insurance plan that uses a network of participating physicians and medical professionals who have contracted to provide services for certain fees
cash value
in a whole life insurance policy, the accumulated savings to which one is entitled when and if one cancels the policy
term insurance
insurance that provides protection against loss of life for only a specified term
disability income insurance
insurance that provides regular cash income when an employee is unable to work due to pregnancy, a non-work-related accident, or illness
endowment
life insurance that provides coverage for a specific period of time and pays a sum of money to the policyholder if he or she is living at the end of the endowment period
managed care
prepaid health plans that provide comprehensive health care to their members
lapse
stop
suspend
stop
hardship
suffering
coinsurance
the percentage of the medical expenses the policyholder must pay in addition to the deductible amount
