Health Insurance: Introduction & Affordable Care Act

accident

unintentional bodily injury caused by un unforseen event

sicknees

need for medical care due to an instance other than an accident

individual policy

• anyone can apply for coverage

• each policy has a person

• can choose coverage

• health is evaluated

• coverage is renewable

• accidents are covered

group policy

• only group members may be covered

• one master contract

• benefits are generally the same for all members

• group as a whole is evaluated

• group sponsor may change coverage

• only accidents off the job are covered

Madicare

care for the elderly

Medicaid

for individuals who need help

comprehensive policy

broad range of coverage

limited policy

cover a particular type of loss, limited benefits

• accident only

• specified dread disease: named in the policy

• short-term medical expense plan

hospital income (indemnity)

pays a daily benefit to the insured

credit disability insurance

if the debtor becomes disabled, the policy’s benefit is paid to the lender to pay off the loan

blanket coverage

covered all persons engaged in a similar activity

common health insurance exclusions

• intentional

• war or act of war

• elective cosmetic surgery

• workers compensation

• committing a felony