Health Insurance Vocabulary

Medicare

• Fee paid for health insurance
• portion of the cost of service
• Federal program that provides insurance for those 65 or older or disabled
• Federal program who insures the poor

Insured

• The policy holder or subscriber
• Fee paid for the health insurance
• A person designated to receive the benefits of an insurance policy
• The insurance company

Co-payment

• Coordination of benefits

• Portion of the cost of service to be paid by the insured (a set dollar amount to be paid each time you see the doctor)

• Term of conditions not covered by the insurance company

• Provider bill for service

Worker compensation

• A state program established to pay the medical cost and lost wages associated with work related injuries
• A government program for children of low income families
• Purchased by an organization for the benefit of members
• Federal health insurance program administered by each state for persons with income below the poverty level

Health insurance policy

• Insurance which covers your health, teeth and eyes
• A law which allows you insurance even if you lose your job
• A contract between you and an insurance company
• A policy you purchase only for children

Deductible

• The amount of money you must pay each year before the insurance company pays anything
• A type of medical savings account
• A type of policy in which you save for emergencies
• A shared expense between the insured and the employer

Premium

• Percentage of the allowed amount that is the patients responsibility.
• Fee paid for the health insurance coverage
• Purchased by an organization for the benefit of members
• Portion of the cost of service to be paid by the insured

Co-insurance

• Treatment of conditions not covered by the insurance policy
• Percentage of the allowed amount that is the patients responsibility (for instance, the 20% not covered by insurance)
• Fee paid for the health insurance coverage
• A policy purchased by an individual

Medicaid

• Federal health insurance program administered by the state for people with income below the poverty level
• Federal health insurance for the elderly
• Fee paid for services rendered
• Health insurance for members of the military and their families

Group Insurance

• Insurance coverage offered to employees by the employer
• Insurance policy an individual must purchase on their own
• Insurance offered by the government
• Insurance offered to a special group of people