Financing Health Care and Health Insurance- CH 9

A set of vocabulary flashcards covering key concepts and terms related to health care financing and health insurance.

Health Care Spending

The total financial resources utilized in the health care system including hospital care, physician services, and other expenditures.

Health Insurance

A contract that requires an insurer to reimburse the insured for medical expenses in return for insurance premiums.

Medicare

A federal health insurance program that primarily provides coverage for individuals aged 65 and older.

Medicaid

A jointly funded program by federal and state governments that provides health insurance for low-income individuals.

CHIP

Children’s Health Insurance Program, which covers children in low-income families who are not eligible for Medicaid.

Risk Pooling

The practice of spreading financial risk among a large group to reduce individual costs of health care.

Fee-for-Service

A payment model where services are paid for individually rather than bundled.

Managed Care

A health insurance plan that contracts with health care providers to provide care at reduced costs.

Premium

The amount paid for an insurance policy.

Out-of-Pocket Payment

The costs for medical care that aren't reimbursed by insurance.

Eligibility for Medicare

Criteria for receiving Medicare benefits, including age 65 and over, certain disabilities, and specific medical conditions.

National Health Expenditures

The overall spending on health services and goods in a nation.

Comprehensive Health Coverage

Health insurance that covers a wide range of services including preventive care, hospital stays, and medication.

Moral Hazard

The principle that insurance coverage may lead individuals to take greater risks because they are insulated from the consequences.

High-Deductible Health Plans (HDHP)

A health insurance plan with lower premiums and higher deductibles than traditional plans.

Advances in Medical Technology

Innovations and improvements in medical devices, procedures, and treatments.

Managed Care Organizations (MCO)

Health insurance plans that provide health care services to members for a prepaid fee.

Emergency Medical Services (EMS)

Emergency services providing medical care to individuals in urgent need, often leading to acute care.

Social Insurance

Government programs designed to provide economic security to individuals in various forms.

Access to Care

The ability of individuals to obtain necessary medical services.