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A Universal Glossary of Terms

A Universal Glossary of Terms
The SBC requirement includes a mandate that insurance companies provide a new Universal Glossary of Terms. Many health insurance providers use jargon that can be confusing to the everyday consumer. This is particularly true when terms are used differently from one insurance company to the next. The Universal Glossary of Terms will provide consistency, so that the consumer can fairly compare common healthcare terms from company to company.

The following is a small sample of the 44 terms that will be included:

  • Coinsurance
  • Co-payment
  • Cost-sharing
  • Deductible
  • Essential benefits
  • Exchange
  • Preventive benefits
  • Qualified health plan
  • Reinsurance
  • Urgent care

 

This glossary of terms can be available online for employees to access.  For more information about the SBC requirement or healthcare reform in general, please contact ESG’s Human Resources experts.

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