| copayment | Either a set amount or the percentage of the bill after the deductible has been taken out that you have to pay.
|
 |
|
|
| deductible | The amount of health spending a year that you have to pay before the insurance company pays anything.
|
|
|
|
| lifetime maximum | The most that an insurance company will pay on your health expenses over your lifetime.
|
|
|
|
| maximum out of pocket | The most that a person or family will have to pay over a year for all covered health expenses.
|
|
|
|
| Medicaid | Public health insurance in the United States which provides health care for the poor.
|
|
|
|
| Medicare | Public health insurance in the United States which covers those over age 65.
|
|
|
|
| moral hazard | Having insurance increases the demand for the insured good.
|
|
|
|
| primary care physician | Physician in managed care operations charged with making the initial diagnosis and making referrals. Also called a gatekeeper.
|
|
|
|
| risk averse | A characteristic of a person who would pay extra to guarantee the expected outcome.
|
|
|
|
| risk neutral | A characteristic or a person who would not pay extra to guarantee the expected outcome.
|
|
|
|
| single payer | System where the government collects (usually very high) taxes to pay for everyone's health care.
|
|
|
|
| third-party payer | An entity other than the producer or consumer who pays the costs of a good or service.
|
2003 McGraw-Hill Higher Education