A funding mechanism whereby an insurance company contracts with an employer group to provide a specific combination of benefits for all members of the organization.
Under Social Security, an individual's status of complete eligibility for benefits. Provides retirement benefits as well as survivor benefits. A fully insured individual has also met one of the requirements for disability benefits.
When employers purchase a fully insured benefits plan, they pay the insurer to administer and manage the benefits they've chosen, pay claims and assume the risk for the group's utilization of services.
An insurer collects premiums from an employer group or individual and assumes financial risk for medical expenses incurred. Optima Select HMO, Optima Advantage POS, Optima Premier PPO and Optima Direct Open Access are all fully insured health plan products. back to the top
A health coverage agreement under which an HMO, insurance company or nonprofit health services corporation assumes the risk of paying the covered person's health claims.
A status under the Social Security system that generally results from having at least 40 quarters of coverage. Also see Currently Insured. G, H, I
Everything we handle is insured.
Employers that purchase health insurance coverage from an insurance company that assumes all the coverage risk.
An Employer purchases insurance coverage from a licensed insurance company and the insurance company assumes all of the risk.
A status of complete eligibility for the full range of Social Security benefits: death benefits, retirement benefits, disability benefits and Medicare benefits. Qualifications are a worker who has (1) a minimum of 6 quarters' coverage with 1 quarter of coverage for each calendar year commencing one year after 1950 (or the quarter when the worker reaches age 21 if later) and ending one year before the worker dies, becomes disabled or reaches age 62 whichever is the earliest or 2) at least 40 quarters of coverage.
Insured status of a covered person under the Old-Age, Survivors, and Disability Insurance (OASDI) program if he or she meets certain criteria: forty quarters of coverage or one quarter of coverage for each year after 1950 (or after age twenty-one, if later) up to the year of death, disability or attainment of age sixty-two.