Generic Rx: A drug that is chemically identical to a brand name drug. These drugs have been proven reliable in the areas of safety, dosage, strength and performance. In cases in which the patent on a specific pharmaceutical product expires and drug manufacturers produce generic versions of the original branded product, the generic version is dispensed even though the original product is prescribed. Some managed care organizations and Medicaid programs mandate generic substitution because of the generally lower cost of generic products.

Grace period: A set number of days past the due date of a premium payment during which medical coverage may not be canceled and through which the premium payment may be made.

Group insurance: An insurance contract made with an employer or other entity that covers individuals in the group.

Guaranteed issue: The requirement that an insurer or health plan accept everyone, regardless of health, income or age, that applies for coverage and guarantees the renewal of that coverage as long as the premium is paid.