Tag: health insurance terms to know
What does UMR health insurance stand for?
Just the Essentials… Self-funding is a way for an employer to provide insurance coverage for employees Some self-funded companies operate...
What is “actuarial value” for healthcare?
“To sum it up…” Actuarial value is a method for assessing the value of benefits in a health insurance plan Insurance pl...
What does RX mean in health insurance?
“To sum it up…” The letters or symbol RX comes from ancient times, probably from the Roman Empire Rx is the Latin symbo...
What does UCR mean in health insurance?
“To sum it up…” UCR is the term that health insurance companies use to refer to treatments and procedures that are pric...
What does “underwriting” mean in health insurance?
“To sum it up…” Underwriting is a practice that screens applicants for insurance for risks The use of medical underwrit...
What is a private healthcare exchange?
“To sum it up…” Private exchanges predate the ACA state exchanges Private Exchanges are preferred over public exchanges...
What does “commercial health insurance” mean?
“To sum it up…” Commercial health insurance is private health insurance that is typically purchased through a for-profi...
What is a health insurance cooperative?
“To sum it up…” Health insurance cooperatives are consumer-owned businesses that provide health insurance and managed h...
What does a “lifetime maximum” mean in health i...
“To sum it up…” Lifetime Maximums Apply to Every Health Insurance Policy Lifetime Maximums were Reclassified After the ...
What is a health insurance rider?
“To sum it up…” Riders are purchased separately from health insurance policies Riders can be added for many conditions ...
