Insurance

Health Insurance

• The amount of money you must pay each year before your insurance company starts paying.
• A prepaid health plan in which care provides contract with (or are) employees of the HMO to provide you with services.
• Offers health care coverage where the health care provider is paid a predetermined dollar amount for the service given.
• Provides financial protection against overwhelming medical expenses

Traditional Plan

• Also known as "permanent life insurance", offers financial protection for your entire life.
• Offers health care coverage where the health care provider is paid a predetermined dollar amount for the service given.
• The amount of money you must pay each year before your insurance company starts paying.
• A predetermined flat fee you pay for health care services.

Preferred Provider Option (PPO)

• A prepaid health plan in which care provides contract with (or are) employees of the HMO to provide you with services.
• A group of selected health care providers who offer comprehensive services at preset reimbursement levels.
• The person who receives money from a life insurance policy if the insured dies.
• A predetermined flat fee you pay for health care services.

Health Maintenance Organization (HMO)

• The person who receives money from a life insurance policy if the insured dies.
• A group of selected health care providers who offer comprehensive services at preset reimbursement levels.
• A prepaid health plan in which care provides contract with (or are) employees of the HMO to provide you with services.
• A combination of a life insurance policy and a savings accounts. It covers the insured for his or her lifetime, and any amount the insured pays over the minimum premium goes into an investment account that earns interest.

Deductible

• A prepaid health plan in which care provides contract with (or are) employees of the HMO to provide you with services.
• The amount of money you must pay each year before your insurance company starts paying.
• Offers health care coverage where the health care provider is paid a predetermined dollar amount for the service given.
• Also known as "permanent life insurance", offers financial protection for your entire life.

Co-Insurance

• A combination of a life insurance policy and a savings accounts. It covers the insured for his or her lifetime, and any amount the insured pays over the minimum premium goes into an investment account that earns interest.
• Requires you to pay either a set amount or a certain percent of medical expenses.
• Financial protection for a family in case the main source of income dies.
• The person who receives money from a life insurance policy if the insured dies.

Co-Payment

• Also known as "permanent life insurance", offers financial protection for your entire life.
• Life insurance for a specified term, such as 5 years, or to a specified age.
• A predetermined flat fee you pay for health care services.
• Offers health care coverage where the health care provider is paid a predetermined dollar amount for the service given.

Life Insurance

• A combination of a life insurance policy and a savings accounts. It covers the insured for his or her lifetime, and any amount the insured pays over the minimum premium goes into an investment account that earns interest.
• The amount of money you must pay each year before your insurance company starts paying.
• Financial protection for a family in case the main source of income dies.
• The amount of money you will receive if you cancel your whole life insurance policy.

Term Life Insurance

• Life insurance for a specified term, such as 5 years, or to a specified age.
• A prepaid health plan in which care provides contract with (or are) employees of the HMO to provide you with services.
• A whole life insurance policy that is paid up after a specified number of years, or until the insured reaches a certain age, but offers lifetime protection.
• The person who receives money from a life insurance policy if the insured dies.

Beneficiary

• The person who receives money from a life insurance policy if the insured dies.
• A prepaid health plan in which care provides contract with (or are) employees of the HMO to provide you with services.
• Provides financial protection against overwhelming medical expenses
• A predetermined flat fee you pay for health care services.