Glossary of Insurance Terminology

To help with all those confusing insurance terms, here’s a cheat sheet. (Relax . . . this won’t be on your final exams.)

Brand-name drug – A prescription drug protected by a patent and marketed under a specific name

Co-payment – A fee you pay each time you receive certain services at Vaden Health Center or Stanford University Medical Center

Deductible – The amount you pay each year before Cardinal Care begins paying benefits for prescription drugs and services you receive off campus

Generic drug – A copy of a brand-name drug that is no longer protected by a patent. Generic drugs typically contain the same active ingredients as brand-name originals. They are usually as effective as, but less expensive than, brand-name originals. Your co-payment is less when you purchase generic drugs.

Aetna Student Health – The organization that administers medical benefits included in Cardinal Care. A vast network of doctors, hospitals and other health care providers are associated with Aetna Student Health.

Lifetime Maximum – Your lifetime limit on insurance benefits from the plan

Preferred Provider – Any doctor or hospital that contracts with Aetna Open Choice PPO. If you are off campus and need care, visiting a preferred provider gives you a higher level of coverage.

Value Options – The organization partnered with CAPS that provides the mental health benefits included in Cardinal Care (mental health and substance abuse treatment)