Health insurance

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Health Insurance

An insurance policy that provides coverage when the policyholder (or his/her dependent) becomes ill. For example, a health insurance policy may pay for most or all of the costs of a surgery. Health insurance may cover doctor's visits, medical procedures, prescription drugs, and so forth. The policyholder pays a premium each month in exchange for the coverage; additionally, the policyholder often must pay coinsurance and/or a copay for certain procedures. In the United States, many people procure health insurance through their employers because it is often expensive to buy on one's own. Likewise, many people have group insurance to provide medical coverage. A significant amount of debate exists as to the appropriate role of the U.S. government in regulating health insurance providers and whether the government should assume this role directly.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Health insurance.

Health insurance covers some of or all the cost of treating an insured person's illnesses or injuries. In some cases, it pays for preventive care, such as annual physicals and diagnostic tests.

You may have health insurance as an employee benefit from your job or, if you qualify, through the federal government's Medicare or Medicaid programs.

You may also buy individual health insurance directly from an insurance company or be eligible through a plan offered by a group to which you belong. As you do with other insurance contracts, you pay premiums to purchase coverage and the insurer pays some of or all your healthcare costs, based on the terms of your contract.

Some health insurance requires that you meet an annual deductible before the insurer begins to pay. There may also be coinsurance, which is your share, on a percentage basis, of each bill, or a copayment, which is a fixed dollar amount, for each visit.

Health insurance varies significantly from plan to plan and contract to contract. Generally, most plans cover hospitalization, doctors' visits, and other skilled care. Some plans also cover some combination of prescription drugs, rehabilitation, dental care, and innovative therapies or complementary forms of treatment for serious illnesses.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
To understand these effects better, particularly with regard to policyholder characteristics, we analyzed two options available to policyholders of German private health insurance contracts: to lapse the contract and purchase health insurance outside the current company, or to switch insurance coverage within the current company.
Ten years ago, he signed a long-term health insurance contract for
(71) The specific problem with conventional methods of interpreting health insurance contracts is their effect on innovation and the cost of coverage.
(20) The health insurance contract choice effect can play an important role in determining the consumer's observable demand response to a change in the gross price of medical care.
This article develops an equilibrium pricing model examining the nature of health insurance contracts by considering the relationship between information about risk type and price equilibrium, given different assumptions about individual health states, risk types, and adverse selection.
McKenzie-Willamette filed the lawsuit against PeaceHealth in January 2002, alleging that its larger rival wielded its dominant market power to compete unfairly for health insurance contracts. PeaceHealth officials deny the charges.
The suit alleges PeaceHealth used its dominant market power to compete unfairly for exclusive health insurance contracts and engaged in a pattern of monopolistic behavior.
McKenzie-Willamette filed an antitrust lawsuit against PeaceHealth in January, accusing its larger rival of using the predatory tactics of a monopoly to compete unfairly for health insurance contracts. Orr acknowledged Tuesday that the lawsuit is crucial to McKenzie-Willamette's future, but stopped short of saying that a legal victory would allow the hospital to survive in Springfield.
McKenzie-Willamette has filed an antitrust lawsuit alleging that PeaceHealth uses its dominant market power to compete unfairly for exclusive health insurance contracts.
Other doctors are gritting their teeth and paying the premiums, unable to pass on costs to patients because their fees are tied to Medicare and health insurance contracts.

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