Insurance 101
The total maximum benefit allowable per year as stated by the insurance company.
What is Annual Benefit Max
Provides some employees and beneficiaries with the right to continue with their coverage under an employer sponsored group health benefit plan for a limited time after a qualifying event that would otherwise cause termination of coverage, such as loss of employment.
What is COBRA (Consolidated Omnibus Budget Reconciliation Act)
The two founders of Humana.
Who are David Jones Sr. and Wendell Cherry?
Humana joined two private equity firms in July 2018 in acquiring this company.
What is Kindred Healthcare
This leader's "code" provides some of the earliest examples of insurance coverage
Who is Hammurabi
The amount for which a patient is responsible before an insurer will pay any benefits.
What is a Deductible
Person or entity 18 years of age or older, legally responsible for the remaining payment for health care services after the insurance has paid or if insurance does not pay.
What is Guarantor
Humana was originally founded under this name.
What is Extendicare Inc?
In July 2015 this company announced it would acquire Humana for $37 billion in cash and stock
What is Aetna
The shipping merchant insurance market that sprung up inside Lloyd's Coffee House in the late 1600s.
Form of medical cost sharing in the health insurance plan that requires an insured person to pay a stated percentage of medical expenses after the deductible amount. This is not usually collected up front but after services are rendered.
What is Coinsurance
A policy purchased through an employer is an example of this type of policy.
What is a Group Policy
In 1972 Humana's original business assets were sold to purchase these.
What are hospitals
In the 1980s, after one of its hospitals losing a contract with the largest health-maintenance organization in the area Humana did this
What is create its own health insurance plan?
In 1965 this US President signed Medicare and Medicaid into law.
Who is Lyndon Johnson
Refers to the billing priority of two or more insurance coverages.
What is COB (Coordination of Benefits)
The maximum dollar amount a member is required to pay during a year as outlined by the member's plan.
What is annual out of pocket maximum (MOOP)
Humana's founders started the company in this year.
When is 1961
In 2005, Humana entered into a partnership with this company, offering financial incentives to members for healthy behavior, such as regular exercise.
What is the Virgin Group
In 1929, Justin Kimball created Blue Cross and allowed Dallas teachers to not be charged when they went to the hospital to have children after paying this amount every month.
What is 50 cents
A fixed dollar amount an insured person is required to pay when visiting a doctor, hospital or pharmacy. The insurance is responsible for the rest of the bill.
What is a copayment (copay)
Children or any covered adult covered under the insurance policy.
What are Dependents
It was this line of business that Humana first started in.
What are nursing homes
In 2010, Humana bought Texas based Concentra Inc. for $790 million, which owns these types of centers.
What are urgent-care and physical therapy
The Chancellor who in the 1880s introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state.
Who is Otto von Bismarck