First dollar coverage

Also found in: Medical.

First Dollar Coverage

An insurance policy where the insurer pays for all expenses once an insured event occurs. There is usually a (high) maximum amount limiting first dollar coverage, but the policy does not include a deductible, coinsurance, or anything else; the insurer is responsible for all expenses up to that maximum amount. Because these plans carry more risk for the insurer, first dollar coverage comes with higher monthly premiums. First dollar coverage is available for many types of insurance, whether it is homeowner's insurance, car insurance, health insurance, or something else.

First dollar coverage.

First dollar coverage means that your health insurance plan typically begins to pay its share of your covered services from the first service you receive in the plan network. In a fee-for-service plan, payments for covered services begin as soon as you have met the deductible.

References in periodicals archive ?
It is first dollar coverage (no self-insured retention), and at this time MG is not charging an additional premium for this endorsement.
It is first dollar coverage (no self-insured retention), and at this time AIG is not charging an additional premium for this endorsement.
You might protect your clients from future legislation that will be targeting first dollar coverage.
Proposals under consideration by Congress that would significantly increase cost-sharing for Medicare beneficiaries may result in higher costs to the Medicare program long-term and the worsening health of beneficiaries due to avoidance of needed services, according to a paper on Medicare Supplement Insurance First Dollar Coverage and Cost Sharing adopted by the NAIC.
The results for the quarter reflect a significant improvement over the previous year as a substantial portion of the company's insurance portfolio was moved into first dollar coverage as compared to a deductible fund.
Some employers make their CDHC offerings as attractive as traditional plans, stacking them with incentives, like first dollar coverage for preventive care, such as yearly physicals, immunizations and mammograms, which do not count against deductibles.
One reason for this is that, in some cases, courts have held that insurers must drop down and give first dollar coverage in situations where insolvent insureds cannot meet their retention obligations.
If you lead a healthy life style, are fortunate enough to have healthy parents, and are willing to forego first dollar coverage, you may be able to get good coverage at a reasonable price.