Business / Taxes / Health Insurance: Health insurance covers some or all of the cost of treating an insured person’s illnesses or injuries. In some cases, it pays for preventive care, such as annual physicals and diagnostic tests. You may have health insurance as an employee benefit from your job or, if you qualify, through the federal government’s Medicare or Medicaid programs. You may also buy individual health insurance directly from an insurance company or be eligible through a plan offered by a group to which you belong. As you do with other insurance contracts, you pay premiums to purchase coverage and the insurer pays some or all of your healthcare costs, based on the terms of your contract. Some health insurance requires that you meet an annual deductible before the insurer begins to pay. There may also be co-insurance, which is your share, on a percentage basis, of each bill, or a copayment, which is a fixed dollar amount, for each visit. Health insurance varies significantly from plan to plan and contract to contract. Generally, most plans cover hospitalization, doctors’ visits, and other skilled care. Some plans also cover some combination of prescription drugs, rehabilitation, dental care, and innovative therapies or complementary forms of treatment for serious illnesses.
Health Verb Synonyms: condition, fitness, trim, fettle, form, constitution
Insurance Verb Synonyms: assurance, surety, indemnity, indemnification, guarantee or guaranty, warranty, bond, security, protection, cover
Health / Health Insurance / Group Health Insurance: Coverage through an employer or other entity that covers all individuals in the group. Read more about group health insurance. MORE
Business / Finance / Guaranteed Insurance Contract: A life and health insurance policy feature that enables the insured to add coverage at future times and at fixed and agreed-upon rates regardless of health conditions. MORE
Business / Taxes / Federal Insurance Contributions Act (FICA): The Federal Insurance Contribution Act (FICA) is the federal law that requires employers to withhold 6.2% from their employees' paychecks, up to an annual earnings cap. Employers must match employee w MORE