Economic Issues in Nursing & Health Care

This set of flashcards covers essential vocabulary and concepts related to economic issues in nursing and health care, focusing on key terms and definitions relevant to the material discussed in the lecture.

Health Care Coverage

A system by which individuals or groups receive health care services paid for by insurance or government programs.

Affordable Care Act (ACA)

A 2010 U.S. law aimed at increasing health insurance coverage, improving health care access, and reducing costs.

Managed Care

A health care delivery system that attempts to manage costs, utilization, and quality through various mechanisms.

Moral Hazard

The change in behavior of insured individuals who may take more risks because they do not bear the full costs of their actions.

Premium

A periodic payment made to an insurance company to secure health coverage.

Deductible

The amount a consumer must pay out-of-pocket before the insurance starts to pay.

Health Maintenance Organization (HMO)

A type of managed care organization that requires members to obtain health care services from a network of providers.

Preferred Provider Organization (PPO)

A managed care plan that allows members to see any health care provider but offers lower costs for using in-network providers.

Risk Pooling

The practice of spreading financial risk among a large number of individuals to mitigate the costs associated with health care.

End of Life (EOL) Decisions

Choices regarding the extent and nature of medical care when a patient is nearing the end of life.