FCHP - Glossary
Welcome to the FCHP (Fallon Community Health Plan) Glossary page. Here you will find a comprehensive list of terms related to Medicare and healthcare. Expand your understanding of these key concepts and navigate through the complex world of insurance and Medicare.
Understanding Medicare Terminology
Medicare is a crucial component of healthcare for geriatric and aging care, and it's important to be familiar with the terminology associated with this insurance program. Below, you'll find an extensive glossary of commonly used terms within the Medicare landscape.
1. Medicare Part A
Medicare Part A is a component of original Medicare and provides coverage for inpatient care. This includes stays in hospitals, skilled nursing facilities, hospice care, and some home healthcare services.
2. Medicare Part B
Medicare Part B covers outpatient care and medical services that are necessary to diagnose or treat a medical condition. It includes services such as doctor visits, preventive care, and durable medical equipment.
3. Medicare Part C
Medicare Part C, also known as Medicare Advantage, includes a variety of managed care plans offered by private insurance companies approved by Medicare. These plans provide all the benefits of Part A and Part B, often with additional coverage options.
4. Medicare Part D
Medicare Part D offers prescription drug coverage to Medicare beneficiaries. It helps individuals pay for prescription medications and is available as a standalone plan or as part of a Medicare Advantage plan.
5. Coinsurance
Coinsurance refers to the percentage of healthcare costs that Medicare beneficiaries are responsible for paying after their deductible has been met. For example, if Medicare covers 80% of a service, the remaining 20% will be the beneficiary's coinsurance.
6. Copayment
Copayment is a fixed amount that Medicare beneficiaries need to pay for covered healthcare services. For example, a copayment may be required for each doctor visit or prescription medication.
7. Deductible
Deductible refers to the amount of money that Medicare beneficiaries must pay out of their pocket before Medicare starts covering their healthcare costs. It is an annual expense and varies depending on the specific Medicare plan.
8. Medigap
Medigap, also known as Medicare Supplement Insurance, is additional insurance that can be purchased to cover the gaps in original Medicare coverage. It helps pay for expenses such as copayments, coinsurance, and deductibles.
9. Medicare Advantage
Medicare Advantage is an alternative to original Medicare where private insurance companies offer comprehensive health plans that include Part A, Part B, and often Part D benefits. These plans may also provide additional services not covered by original Medicare.
10. Open Enrollment Period
The Open Enrollment Period is a specific time of the year when Medicare beneficiaries can make changes to their Medicare coverage. It allows individuals to switch from one Medicare plan to another or enroll in additional coverage.
Having a solid understanding of these Medicare-related terms can empower individuals to make informed decisions about their healthcare and ensure they are maximizing the benefits available to them. For further clarification or additional information, consult with a Medicare specialist or visit the official Medicare website.
