Diagnosis related groups DRG is a classification system used to determine

Diagnosis related groups drg is a classification

This preview shows page 10 - 13 out of 17 pages.

Diagnosis related groups (DRG) is a classification system used to determine prospective compensation payments in the Medicare Hospital Insurance program. Verspreiden niet toegestaan | Gedownload door Jan Jansen Schoonhoven ([email protected]) lOMoARcPSD
Image of page 10
Resource-based relative value scale system is a set of values based on time and effort of physician labor used to determine physicians' fees in the supplementary medical insurance component of Medicare. Medicaid is a federal- and state-financed health insurance program for the poor. State Children's Health Insurance Program (SCHIP) is a program that expanded Medicaid eligibility to some children with family incomes above Medicaid limits. Crowd out refers to when public provision of a good leads to a reduction in private provision of the good. The single-payer approach would scrap the current health insurance market and replace it with a single provider of health insurance. It would be funded by taxes and provide all citizens, regardless of income or health status, with a specified set of health care services, at no (or low) direct cost to the insured. The market-oriented approach reforms health care by lowering costs and increasing access by harnessing the power of competition. Chapter 11 An annuity is an insurance plan that charges a premium and then pays a sum of money at some regular interval for as long as the policyholder lives. Consumption smoothing is reducing consumption in high-earning years in order to increase consumption in low-earning years. Asymmetric information is a situation in which one party engaged in an economic transaction has better information about the good or service traded than the other party. Adverse selection is the phenomenon under which the uninformed side of a deal gets exactly the wrong people trading with it (that is, it gets an adverse selection of the informed parties). Moral hazard occurs when obtaining insurance against an adverse outcome leads to changes in behavior that increase the likelihood of the outcome. Fully funded is a pension system in which an individual's benefits are paid out of deposits that have been made during his or her working life, plus accumulated interest. Pay-as-you-go (unfunded) is a pension system in which benefits paid to current retirees come from payments made by current workers. Supplemental Security Income (SSI) is a welfare program that provides a minimum income guarantee for the aged and disabled. Average indexed monthly earnings (AIME) is the top 35 years of wages in covered employment, indexed each year for average wage growth. The AIME is used to compute an individual's Social Security benefit. Verspreiden niet toegestaan | Gedownload door Jan Jansen Schoonhoven ([email protected]) lOMoARcPSD
Image of page 11
Primary insurance amount (PIA) is the basic Social Security benefit payable to a worker who retires at the normal retirement age or becomes disabled.
Image of page 12
Image of page 13

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture