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

Medi-caid / Medi-Cal

A government program for folks with lower incomes to help them pay for medical care.  In CA, this program is called Medi-Cal.

Medicare

A federal government insurance program to assist those age 65 and over and the disabled with medical and hospital expenses. In addition to hospital and doctor expenses, Medicare covers only skilled care in a skilled nursing facility and limited skilled nursing care at home. It does not provide benefits for personal or custodial care. Medicare requires co-payments and deductibles.

Medicare Part A

The part of Medicare that helps pay for hospital care. It also covers nursing home, home health and hospice care.

Medicare Part B

The part of Medicare that helps pay for doctors and outpatient care.

Medicare Part D

The part of Medicare that helps pay for prescription drugs. Insurance companies must be approved sponsors before they can offer Medicare Part D Prescription Drug plans.

Medicare Supplement Plans

Private insurance policies that supplement Medicare benefits by covering co-payments and deductibles for medical and hospital expenses. These policies do not provide coverage for personal or custodial care.

Medicare-for-all

This is a universal health insurance model in which the federal Medicare program expands to cover everyone, but still allows for the purchase of private insurance to help supplement the coverage.

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

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.

Minimum Coverage / Bronze / Silver / Gold / Platinum 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.

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