Insurance · Module 1 of 4
When something goes wrong
How insurance works: premiums, deductibles, filing a claim, and the gaps public coverage leaves.
Key terms in When something goes wrong
- Medicare
Medicare is the federal health insurance program in the United States for people aged 65 and older and for certain younger people with disabilities. It also covers people with end-stage renal disease. Medicare is separate from the Health Insurance Marketplace and counts as qualifying coverage under the Affordable Care Act. It is made up of several parts, and it does not pay for every health care cost.
- Medicaid
Medicaid is a joint federal and state insurance program that provides free or low-cost health coverage to some people with low incomes, including families, children, pregnant women, older adults, and people with disabilities. Each state runs its own program within federal rules, so eligibility and benefits differ by state, and many states have expanded eligibility to adults who earn below certain income levels.
- Self-insurance
Self-insurance is an arrangement in which a person or organization keeps a financial risk instead of transferring it to an insurance company, and accounts for possible losses internally. It is most often used for risks that are frequent but small in cost. In health coverage, a self-insured plan is one where an employer takes on the financial risk of paying employees' medical claims.
Source: National Association of Insurance Commissioners, Glossary of Insurance Terms
Every term on Lever is in the money glossary.
About this module
When something goes wrong is part of Insurance, one of 15 subjects in Lever. It’s a short run of 9 lessons, about 23 minutes in all, so you can finish it in one sitting.
Every lesson takes one idea at a time. You read it with the math worked out step by step, answer a question that puts it to use, then see why the right answer is right and why the others aren’t.
It’s for anyone who was never taught this, and you don’t need to know anything first. Every lesson is free. Lever works out what you already know, so you can start here or let your path bring you to it.
More in Insurance
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2
Covering yourself before you can afford to
Protecting yourself before you can afford a policy: the risks that matter most and what to build toward first.
5 lessons -
3
What a policy is for
Liability cover, life insurance for the people who rely on you, and the fine print about what a policy won’t pay for.
5 lessons -
4
What you still pay
Copays, coinsurance and your yearly maximum, and why the cheapest monthly price isn’t always the cheapest year.
6 lessons
Try this module
It’s part of Insurance. Lever will bring it to you when you’re ready, or you can go straight there.