Health insuranceInsurance covering health-related expensesHealth insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among many individuals.
Insurance policyIn insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language. Insurance contracts are designed to meet specific needs and thus have many features not found in many other types of contracts.
DeductibleIn an insurance policy, the deductible (in British English, the excess) is the amount paid out of pocket by the policy holder before an insurance provider will pay any expenses. In general usage, the term deductible may be used to describe one of several types of clauses that are used by insurance companies as a threshold for policy payments. Deductibles are typically used to deter the large number of claims that a consumer can be reasonably expected to bear the cost of.
Healthcare in GermanyGermany has a universal multi-payer health care system. It is financed through a combination of statutory health insurance (Gesetzliche Krankenversicherung) and private health insurance (Private Krankenversicherung). Germany pioneered social health insurance in 1883. The first law covered certain groups of workers and raised national coverage to about 5–10 percent of the population.
Health systemA health system, health care system, or healthcare system, is a set of organizations, institutions and resources whose primary goal is to produce actions for the promotion, restoration or maintenance of health. There is a wide variety of health systems around the world, with as many histories and organizational structures as there are countries.
Health careHealth care, or healthcare, is the improvement or maintenance of health via the prevention, diagnosis, treatment, or cure of disease, illness, injury, and other physical and mental impairments in people. Health care is delivered by health professionals and allied health fields. Medicine, dentistry, pharmacy, midwifery, nursing, optometry, audiology, psychology, occupational therapy, physical therapy, athletic training, and other health professions all constitute health care.
Out-of-pocket expenseAn out-of-pocket expense, or out-of-pocket cost (OOP), is the direct payment of money that may or may not be later reimbursed from a third-party source. For example, when operating a vehicle, gasoline, parking fees and tolls are considered out-of-pocket expenses for a trip. Car insurance, oil changes, and interest are not, since the outlay of cash covers expenses accrued over a longer period of time.
Market clearingIn economics, market clearing is the process by which, in an economic market, the supply of whatever is traded is equated to the demand so that there is no excess supply or demand, ensuring that there is neither a surplus nor a shortage.Co-insuranceIn insurance, co-insurance or coinsurance is the splitting or spreading of risk among multiple parties. In the United StatesIn the U.S. insurance market, co-insurance is the joint assumption of risk between the insurer and the insured. In title insurance, it also means the sharing of risks between two or more title insurance companies.
Common coldCommon viral infection of the upper respiratory tractMedical conditionThe common cold, or simply a cold, is a viralinfectious disease of the upper respiratory tract that primarily affects the respiratory mucosa of the nose, throat, sinuses, and larynx. Signs and symptoms may appear in as little as two days after exposure to the virus. These may include coughing, sore throat, runny nose, sneezing, headache, fatigue, and fever.
Medicare Part DMedicare Part D, also called the Medicare prescription drug benefit, is an optional United States federal-government program to help Medicare beneficiaries pay for self-administered prescription drugs. Part D was enacted as part of the Medicare Modernization Act of 2003 and went into effect on January 1, 2006. Under the program, drug benefits are provided by private insurance plans that receive premiums from both enrollees and the government.
Moral hazardLook up moral hazard in Wiktionary, the free dictionary.*As an Amazon Associate I earn from qualifying purchases.