Each of us at William J. King & Associates knows how difficult it can be to understand the terminology of life and health insurance policies. We’ve compiled a comprehensive list of what we consider to be some of the most important terms to help you better understand the extensive world of insurance. If you need further explanation of any terms, please contact us. We are more than happy to explain the terms used in your health and life insurance policies.
- An employer may pay for the lower cost plan and employees may buy up to the more expensive plan.
- An employer may pay a set amount per month for every employee.
- An employer may charge all employees the same amount and pay the balance, regardless of the plan each employee selects.
Medicare will pay for many of your health care expenses, but not all of them. In particular, Medicare does not cover most nursing home care, long-term care services in the home, or prescription drugs. There are also special rules on when Medicare pays your bills that apply if you have employer group health insurance coverage through your own job or the employment of a spouse.
Medicare usually operates on a fee-for-service basis. HMOs and similar forms of prepaid health care plans are now available to Medicare enrollees in some locations.