Health Insurance Glossary - G Terms
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G
Generic Drug
An equivalent version of a brand-name drug. A brand-name drug is a medical drug marketed by a company under a specific and often well-known brand name. The pharmaceutical company marketing the drug usually owns the patent for the drug. If the patent has expired, or no patent ever existed for the drug, other companies may also manufacture and market an equivalent version of the drug known as a "generic".
The generic version of the drug should have the same active ingredients and be just as effective as the brand-name drug.
Generic drugs are usually less expensive than the brand-name version; therefore many health insurance plans provide incentives to use generic drugs.
If your insurance policy does not provide coverage for prescription drugs, be sure to ask your doctor if a lower-cost generic version of the drug is available. If a prescription from your doctor doesn't distinguish between the brand-name drug and the generic version, be sure to ask your pharmacist if a lower-cost generic version is available.
At times your doctor may not prescribe the generic version, and in these situations you should trust their professional advice. It may be that certain generic drugs have different inactive ingredients and your doctor wants to avoid giving you a particular ingredient.
Genetic Information
Biological information about an individual's genetic constitution and the interaction between their genes and the environment. Genetic information may be based on family history or obtained from genetic tests, and may indicate your risk of developing a particular health condition.
The Genetic Information Nondiscrimination Act of 2008 prohibits group health plans and health insurers from denying coverage to a healthy individual or charging that person higher premiums based solely on a genetic predisposition to developing a disease in the future. You may read more about this legislation here.
Grace Period
A period, usually 30 or 31 days from the premium due date, during which an insurance policy remains in force and the overdue premium may be paid without penalty.
Group Insurance
An insurance plan that covers all individuals in a group. Usually offered by an employer or other organization.
Guaranteed Renewable
A feature of an insurance plan enabling a policyholder to renew coverage even if the insured develops an illness or is diagnosed with some other medical condition.
September 7, 2010
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