Health Insurance Glossary Part 2

We get it. Understanding the world of health insurance is not easy. While it's important to have health insurance in Missouri, with so much lingo nowadays, you may almost want to avoid it altogether. To help you out, we've compiled a health insurance glossary part 2 for you with some common terms.  (Read health insurance glossary part 1 here.) 

 

Benefit Period 

The period of time when services are covered under insurance. 

HIPAA 

The Health Insurance Portability and Accountability Act of 1996 (HIPAA) mandates specific privacy rules that health insurance companies and healthcare providers must follow. 

Grace Period  

A short period of time – typically 90 days  you have to pay after your health insurance payment is due before you lose your coverage.  

Short Term Health Insurance 

Health insurance that you can receive for a short amount of time while you’re waiting for coverage or in between jobs. 

Broker 

Someone who helps applicants find affordable health insurance in Missouri that best matches their needs.   

Network Provider 

A healthcare provider who will provide care at a discounted rate because they are in a plan’s network. 

Out-of-pocket  

Medical expenses that aren’t paid for by health insurance companies in Missouri. This includes deductibles, copayments, and coinsurance. 

Coinsurance 

The percentage that you pay for health care services once you’ve met your deductible. 

Pension 

A series of payments made to you after retirement. 

Qualifying Life Event 

Events in life – like marriage, having a baby or losing health insurance - that make you eligible to enroll in health insurance in Missouri outside of Open Enrollment Period. 

 

Follow our blog to learn more about affordable health insurance in Missouri. We post often about news in the health care industry and help consumers make informed decisions when it comes to their health and health insurance needs. If you’re looking around for health insurance quotes in Missouri, you can receive one right on our website. One of our experts will help you find the best and most affordable health insurance in Missouri for you! 

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