Health Insurance

Definition

• An insurance policy used to cover medical expenses incurred by the insured person. Some health insurance policies will pay for all expenses directly to the health care provider, while other policies will require the insured person to pay for medical expenses out-of-pocket and wait for the health insurance company to reimburse some or all expenses as mandated by the policy. As mandated by the Canada Health Act, in Canada all legal residents have access to publicly-funded universal health insurance (unofficially referred to as Medicare). Health insurance is administered by the provincial governments, except for Aboriginals covered by treaties, the Royal Canadian Mounted Police (RCMP), the armed forces and members of parliament, who receive their health insurance through the federal government.

Synonyms
health care, private health insurance, medical insurance, health coverage

Acronyms
HI

Related Terms and Acronyms

• Activities of Daily Living (ADL) — Acronym, Important,
  • Physical activities an average individual is capable of doing on a normal day.
• Co-insurance — Definition,
  • Insurance where both the insurer and the insured share costs in a set ratio when an insured event occurs.
• Concurrent Periods — Definition,
  • When a patient requires treatment for more than one ailment at a time, all insurance benefits are paid together.
• Coverage — Definition,
  • The type or amount of protection afforded by an insurance policy.
• Critical Illness Insurance (CII) — Acronym, Very Important,
  • Insurance that covers individuals in the event of a critical or catastrophic illness.
  ➥ A health insurance policy rider.
• Elimination Period — Definition,
  • The wait that spans from when a claim is initially filed to when benefits are eventually paid by an insurer.
• Face Value — Definition,
  • The value of an asset, or the size of an insurance benefit.
• First Dollar Coverage — Definition,
  • Insurance coverage that does not require the insured to pay a deductible.
• Future Purchase Option — Definition,
  • A provision that gives the policyholder the option to purchase additional insurance coverage at a future date.
• Group Health Insurance Plan — Definition,
  • Health insurance that covers a large group of people, often as part as a employee benefit package.
• Hazardous Activity — Definition,
  • Activities that pose a high risk of injury and as such are not covered by an insurance policy.
• Health and Welfare Trust (HWT) — Acronym,
  • A method for employers to offer their employees tax-free health benefits.
• Health Maintenance Organization (HMO) — Acronym, Important,
  • A healthcare plan where insured people receive reasonably priced health insurance through an organization with firm guidelines on the scope of care.
• Healthcare Plan — Definition,
  • Insurance that can cover medical and dental expenses for insured people.
• High Deductible Health Plan (HDHP) — Acronym,
  • Health plans with high deductibles and low premiums.
• Insurance (insur) — Abbreviation,
  • An arrangement where one party provides financial protection to another party for specific damages or losses.
• Insurance Claim — Definition,
  • An application for benefits made by an insurance policyholder after an insured event.
• Insurance Policy — Definition,
  • A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
• Issue Age — Definition,
  • The policyholder's age when the policy was first issued, to the nearest year.
• Lapsed Policy — Definition,
  • A policy that is no long in effect due to missed payments, inaction or its term ending.
• Least Expensive Alternative Treatment (LEAT) — Acronym,
  • When multiple treatment options exist for the same illness, insurers are only obligated to provide the most cost effective treatment.
• Level-Premium Insurance — Definition,
  • Insurance where the premiums the policyholder pays are guaranteed to remain the same for an agreed upon period of time.
• Life Insurance — Definition, Very Important,
  • An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
  ➥ CanEquity offers life insurance.
• Long Term Care Insurance (LTC) — Acronym, Important,
  • Insurance that covers health care costs for individuals with chronic or disabling conditions.
• Medical Loss Ratio — Definition,
  • A method of comparing the medical costs paid to the premiums earned by an insurance company in a specific period of time.
• Medical Specialist — Definition,
  • A doctor with training in a specific medical field.
• Morbidity Rate — Definition,
  • A measurement of how prevalent a medical condition or disease is.
• Point of Service Plan — Definition,
  • A health insurance plan that combines the features of both health maintenance organizations and preferred provider organizations.
• Policy — Definition,
  • A set of rules or guidelines.
  • An insurance contract.
• Pre-existing Condition (PRE-X) — Acronym,
  • A medical condition that's occurrence precedes the writing of an insurance policy.
• Preferred Provider Organization (PPO) — Acronym,
  • A health care program that gives its members a level of freedom and independence when choosing health care options.
• Primary Care Physician — Definition,
  • A doctor who administers or arranges the majority of an individual's health care needs.
• Private Health Services Plan (PHSP) — Acronym, Canada, Important,
  • A method for businesses to provide health benefits for their employees that is both tax deductible for the business and non taxable for the employee.
  ➥ Provides tax-deductible health and dental benefits in Canada.
• Private Healthcare — Definition,
  • Health services no provided by the government, often paid out of pocket.
• Reinstatement — Definition,
  • Resuming an insurance policy that has either lapsed or been terminated.
• Stop Loss Insurance — Definition,
  • A low premium, high deductible insurance policy with an upper limit on coverage.
• Successive Periods — Definition,
  • When multiple hospital stays are considered as one when the stays are a result of, or are related to, a single medical condition.
• Travel Insurance — Definition, Very Important,
  • Insurance that covers a number of events that can occur when an individual is travelling out of the province or country.
• Two-Tier Healthcare — Definition,
  • A situation where public healthcare is available to all people, but private healthcare can be purchased by those who want it.
• Unallocated Benefit — Definition,
  • A requirement for health insurance policyholders to pay reasonable hospital expenses out of pocket to a certain limit.
• Unisex Legislation — Definition,
  • Laws that prevent insurers from using gender as a factor when calculating premiums.
• Universal Healthcare — Definition,
  • A system for providing healthcare free to patients at point of use.
• Utilization — Definition,
  • How frequently a policyholder makes use of their insurance policy.
• Waiting Period — Definition,
  • The amount of time that must pass before something occurs.