Understanding the way it works!
What is health insurance?
A type of insurance coverage that pays for medical and surgical expenses that are incurred by the insured. Health insurance can either reimburse the insured for expenses incurred from illness or injury or pay the care provider directly. http://www.investopedia.com/terms/h/healthinsurance.asp
Commonly Used Insurances
- Exclusive Provider Organization (EPO)- must use network providers - doctors, hospitals and other health care providers - that participate in the plan. The only exception is for emergency care.
- Health Maintenance Organization (HMO)- an organization that provides or arranges managed care for health insurance, self-funded health care benefit plans, individuals, and other entities in the United States and acts as a liaison with health care providers (hospitals, doctors, etc.) on a prepaid basis.
- Point of Service (POS)-is the place where a retail transaction is completed. It is the point at which a customer makes a payment to the merchant in exchange for goods or services. At the point of sale the retailer would calculate the amount owed by the customer and provide options for the customer to make payment.
Three most common sources of Insurance
- Claim is Illegible
- Claim is Not Specific Enough
- Claim is Missing Information
Health Insurance Companies
- 21st Century Insurance
- ACE Limited
- Alleghany Corporation
- Allied Insurance
- American Automobile Association
- American Family Insurance
- American Income Life Insurance Company
- American International Group (AIG)
- American National Insurance Company
- Ameritas Life Insurance Company
- Amica Mutual Insurance
- Applied Underwriters
- Arbella Insurance Group
- Describes 3 most common sources of insurance and their corresponding funds (12pts)
- Includes an example illustrating the need for insurance (8pts)
- Contains a "Commonly Used Insurance Term" section (5pts)