B


Beneficiary

A beneficiary is an individual who is receiving benefits from enrollment in a health insurance plan.

Benefit

The services or products covered by a health insurance plan. Benefits that are covered will be outlined in the coverage documents from your health insurance policy. If you are covered by Medicaid or CHIP, benefits are outlined in state program rules.

Biosimilar Biological Products

A generic version of a brand-name drug (see below).

Brand-Name Drug

Prescription medications with a brand name given by the manufacturer, which is usually a major pharmaceutical company who formulates and patents it. When patents expire, generic equivalents of many brand name drugs are produced for a low cost by other companies. Every insurance company varies in terms of what drugs are covered by their plans, and sometimes coverage will vary between brand-name and generics.

Broker

A licensed insurance salesperson who gathers information to get quotes and find policies from a variety of companies to compare rates and information for their clients.

 

 

Sources:

1. HealthCare.gov, “B – Glossary”. http://www.healthcare.gov/glossary/b/index.html

2. HealthInsurance.org, “Health insurance glossary”. http://www.healthinsurance.org/glossary/