Navigating the journey through the health insurance landscape might seem a bit overwhelming, especially with all the unfamiliar terms and jargon. But understanding the language of health insurance is key to making smart decisions about your coverage and keeping tabs on your healthcare costs. That’s why we’re here to simplify the terminology often linked with health insurance, offering you a helpful glossary that will empower you on your healthcare journey. Beneficiary: A beneficiary is a person, charity, organization, etc., designated to be the recipient of a covered person’s life insurance benefit. Coinsurance: Coinsurance is the percentage of covered medical expenses you pay after you’ve met your deductible. Your health insurance plan pays the rest. Coordination of Benefits (COB): COB occurs when you have more than one health insurance plan. It outlines the process by which the two plans work together to cover your medical expenses, avoiding overpayment. Deductible: A deductible is the amount you must pay out of pocket for covered healthcare services before your insurance plan starts to contribute. For instance, if you have a $1,000 deductible, you need to pay the initial $1,000 of eligible expenses before your insurer begins sharing the cost. Dependent Life Insurance: Life insurance for an employee’s spouse or children. Elimination Period: The time period between an injury and the receipt of benefit payments. In other words, it is the length of time between the beginning of an injury or illness and receiving benefit payments from an insurer. Exclusion: Exclusions are specific healthcare services or treatments not covered by your insurance policy. It’s crucial to understand these exclusions to avoid unexpected expenses. Explanation of Benefits (EOB): An EOB is a statement from your insurance company detailing the costs of healthcare services, what they cover, and how much you may owe. It is not a bill but provides a summary of your insurance claim. Formulary: A formulary is a list of prescription drugs covered by your insurance plan. Medications are often categorized into tiers, each with different cost-sharing requirements. Guaranteed Issue: A guaranteed issue is a situation where an insurance policy is offered to an applicant without underwriting, typically during certain enrollment periods or due to specific qualifying events. Life Insurance: Insurance providing for the payment of benefits upon the death, whether by accident or otherwise, of the life insured. Long Term Disability Benefit: A benefit that provides income replacement to an employee who has become totally disabled due to illness or injury. Non-Evidence Maximum (NEM): The highest amount of coverage an employee can have without providing medical evidence of good health. NEM’s are provided on benefits like Life, ADD&D, STD, and LTD. Offset : In relation to Long Term Disability benefits, offsets represent payments made to the claimant from alternative sources which offset/reduce the amount of money paid to them by the HCP plan. Pre-Existing Condition: Any injury, sickness, or condition that exists before the date an insurance policy takes effect. Predetermination of Benefits: A form or letter that is sent from your medical or treatment provider to your insurer before undergoing treatment. Your insurer can review the proposed treatment and determine how much will be reimbursed by your plan. Premium: The premium is the amount you pay for your health insurance coverage, typically monthly. It’s a fundamental cost associated with maintaining your insurance policy, whether you use healthcare services or not. Underwriting: Underwriting is the process insurers use to evaluate an individual’s health status and other risk factors when determining eligibility for coverage and premium rates. Waiver of Premium: An insurance policy clause that waives premium payments if the policyholder becomes critically ill, seriously injured, or physically impaired. Understanding these terms will further equip you with the knowledge needed to make informed decisions about your health insurance coverage. Of course, if you have questions about your plan or need assistance choosing a plan that will work for you and your specific needs, don’t hesitate to reach out to us at info@healthcareproviders.ca or 1-866-768-1477.

In the fast-paced and demanding environment of a hospital, the value of a healthy and motivated workforce cannot be overstated. While the focus on providing comprehensive health insurance benefits is often directed towards full-time employees, extending access to these benefits to part-time hospital staff can be a strategic move that results in many advantages. According to an October 2023 study by Boston Consulting Group which polled 11,000 global workers, 28% cited benefits and perks as their number one reason for seeking a new job, after compensation. Let’s find out why offering part-time hospital staff access to health insurance is a smart idea, and how it can help create a stronger and more involved team. Improved Recruitment and Retention: By extending health insurance benefits to part-time employees, hospitals can enhance their attractiveness as employers. In a competitive job market, comprehensive health coverage is a compelling factor that can sway potential candidates to choose one hospital over another. Moreover, offering access to health benefits can contribute to higher employee retention rates, as individuals are more likely to stay with an employer that prioritizes their well-being. Enhanced Employee Morale and Productivity: Part-time employees who have access to health insurance are likely to experience increased job satisfaction and morale. This positive sentiment can lead to a more engaged and productive workforce, ultimately benefiting patient care and overall hospital operations. Employees who feel valued and supported are more likely to go the extra mile, contributing to a positive workplace culture. Community Reputation and Brand Image: Hospitals that prioritize health and well-being of their employees are likely to earn a positive reputation within the community. A strong employer brand can attract top talent, instil confidence in patients, and foster positive relationships with other healthcare providers. This positive perception can have a lasting impact on the hospital’s overall brand image. Alignment with Healthcare Goals: As healthcare institutions, hospitals have a unique opportunity to lead by example in promoting health and well-being. By providing part-time employees with access to access to health insurance benefits, hospitals align themselves with the core values of the healthcare industry. This commitment not only benefits employees but also reinforces the hospital’s dedication to fostering a healthy community. It's time to bridge the gap between full-time and part-time staff benefits. With the Health Care Providers Group Insurance Plan, you can level the playing field and show your commitment to all your team members. Join the community of forward-thinking HR managers who’ve made the smart choice. Get in touch with us today to find out how we can help you support your part-time employees in a meaningful way. For more information, get in touch with Health Care Provides Group Insurance Plan at: info@healthcareproviders.ca or call 1-866-768-1477 .