Glossary — Learn Insurance Terms and Phrases

Here are some terms that get thrown around whenever people are talking about insurance. There are some very basic ones — and some pretty advanced ones. Look around — hopefully it will give you a better sense of what the insurance companies are talking about.

  1. ALL
  2. A
  3. B
  4. C
  5. D
  6. E
  7. F
  8. G
  9. H
  10. I
  11. J
  12. K
  13. L
  14. M
  15. N
  16. O
  17. P
  18. Q
  19. R
  20. S
  21. T
  22. U
  23. V
  24. W
  25. X
  26. Y
  27. Z

Generic Drugs

A prescription drug that has the same active-ingredient formula as a brand-name drug. A generic drug is known only by its formula name and its formula is available to any pharmaceutical company. Generic drugs are rated by the Food and Drug Administration (FDA) to be as safe and as effective as brand-name drugs. Usually, generics cost a lot less for you and the insurance company.

Gold / Platinum / Minimum Coverage / Bronze / Silver aka Metallic Tiers

Post Obamacare, all health insurance companies have to offer the same metallic tiers.  You can purchase these plans directly from the insurance company OR from your state exchange – but always contact an experienced broker to help you figure it out!  All companies have to offer these policies without a lot of differences (which might vary slightly from state to state).  So when shopping for new plans,  it’s only about the company and their reputation, doctor network and drug formulary.

Grandfathered Plans

If you bought your health insurance before 3/23/10 and haven’t made any changes to it since, you have a Grandfathered Plan.   It does not have to meet the requirements of the federal reform laws known as the Patient Protection and Affordable Care Act (PPACA).

Guaranteed Issue

Starting 1/1/14, guaranteed issue means health insurance companies have to issue health insurance to nearly anyone — no matter what their health or health history. In other words, coverage is guaranteed to nearly anyone.

Guaranteed Renewable

In Disability Insurance, a type of insurance which cannot be cancelled or altered by the insurance company as long as you continue to pay premiums on time

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