Word of the day

Thursday, October 8

Early Retiree Reinsurance Program (ERRP)

Created by the Affordable Care Act, a temporary program that provides reimbursement to employer sponsors of participating employment-based health plans for a portion of the cost of health coverage for early retirees and their families. This program expires in January of 2014.

Monday, October 5

Risk Corridor

Provision designed to manage unpredictability in the insurance market. Plans with lower than anticipated costs are required to pay a portion of their savings into a fund designated to help plans with higher than anticipated costs.

Tuesday, September 15

Long-Term Care (LTC)

Health care services required for an extended period of time by individuals unable to fully execute activities of daily living; it can be provided by a variety of agencies in outpatient settings as well as on an inpatient basis.

Monday, September 14

Biological Drugs

Biological, or Biologic, drugs are those made by or from living organisms (i.e. gene therapy, vaccines, antibodies, stem cells); such drugs, and their generic forms, known as biosimilars or follow-on biologics, are regulated by the FDA.

Thursday, September 10

Temporary High-risk Pools

Temporary insurance plans, mandated by the Affordable Care Act, that provide coverage to individuals with pre-existing conditions.

Thursday, September 3

Generic Pharmaceuticals

Prescription drugs with the same chemical make-up as a drug that went through the full FDA approval process that are sold under a different name and usually by a different company than the maker of the original drug.

Wednesday, September 2

Explanation of Benefits

A statement sent to the covered individual from the health insurance company that explains the benefits they are receiving from their plan.

Tuesday, September 1

Profit and Loss (P&L)

The revenues, costs and expenses incurred during a specific period of time, usually a fiscal quarter or year.

Monday, August 31

Medicaid

A health insurance program managed by the state but jointly funded by the state and Federal government for children and adults with low incomes.

Tuesday, August 25

Consultation

Process through which a primary care doctor solicits help from specialists with regard to treatment.

Guest Privileges

A component of some insurance plans allowing enrollees to visit out of network doctors if they are temporarily away from home.