ABCs of Medicare Insurance

Acronyms “overflowith” in many industries and insurance does not escape the designation. I hate to coin a phrase, but “If I only knew now . . .”   I would have been ahead of the game. Take a moment to review the unending list.  When I entered the insurance industry over a year ago, I wanted to take it all in — learn the ins-and-outs of the products, premiums, certifications and commissions.

Little did I know that the industry is laden with Acronyms.  Hopefully this compressed list resonates in your soul and provides the opportunity to understand the insurance industry on a deeper level.

Part 1 will include A – H.

• A&H – Accident and Health
• AARP – American Association of Retired Persons
• ACLU – American College of Life Underwriters
• ACV – Actual cash value
• AD&D – Accidental Death and Dismemberment
• AEP – Annual Election Period
• ANOC – Annual Notification of Change
• AOP – All other perils
• ASO – Administrative Services Only
• BCBS – Blue Cross Blue Shield
• CD – Certificate of Deposit
• CHIP – Children’s Health Insurance Program
• CMS – Center for Medicaid and Medicare Services
• COB – Coordination of Benefits
• COBRA – Consolidated Omnibus Budget Reconciliation Act
• COLA – Cost of Living Adjustment
• CPI-Consumer Price Index
• CVTY – Coventry
• DI – disability income
• DME – Durable Medical Equipment
• DOB – date of birth
• DOD – date of death
• DOS – Date of Service
• E&O – Errors and Omissions
• ECT – Electronic Claims Transmission
• EFT – Electronic Fund Transfer
• EOB – Explanation of Benefits
• EOI – Evidence of Insurability
• ERISA – Employee Retirement Income Security Act
• ESRD – End Stage Renal Disease
• FINRA – Financial Industry Regulatory Authority
• FMLA – Family Medical Leave Act
• FMO – Field Marketing Organization
• FSA – Flexible Spending Account
• GA – General Agency
• GI – Guaranteed Insurability
• HCR – Health Care Reform
• HDHP – High Deductible Health Plan
• HIPAA – Health Insurance Portability and Accountability Act
• HMO – Health Maintenance Organization
• HRA – Health Reimbursement Arrangements
• HSA – Health Savings Account
• HICN – Health Insurance Claim Number

Test will follow . . .  take some time to study!