Glossary of Insurance Terms
- Open enrollment period
A period when new beneficiaries may elect to enroll in a policy of insurance regardless of health. For Medicare beneficiaries an annual period during which Medicare beneficiaries can switch Medicare Advantage plans or leave Medicare Advantage altogether and go back to original Medicare. The OEP occurs January 1 through March 31 each year. Medicare Advantage plans are not required to open their plans for enrollment during an OEP.
- Open panel
A type of health plan other than a closed panel plan that provides incentives for the enrollee to use providers selected by the plan.
- Optional supplemental benefits
Additional benefits offered by Medicare coordinated care plans that you may choose and that may include additional premiums.
- Ordinary life insurance
(See Whole life insurance)
- Organization determination
A decision by a Medicare Advantage organization regarding the amount of service provided or the price the plan will reimburse for the service.
- Original equipment manufacturer (OEM) p
Refers to the use of replacement parts which are made by the same manufacturer which produced the original parts.