Assignment: Insurance PlansUnit Outcomes addressed in this assignment:Define key terms.Explain why diagnosis codes are reported on insurance claims.Accurately code a diagnosis according to ICD-10-CM.Explain the CPT format.Assign a CPT code to procedures and services.Describe why HCPCS codes are used.Course Outcome addressed in this assignment:HS215-3: Apply state and federal health care laws to facilitate insurance billing.Assignment Introduction:It is important for the insurance specialist to know the ins and outs of each insurance plan so they can inform patients about the differences between third-party payors, managed-care plans, and Medicare and Medicaid. As the insurance specialist, you are preparing to address an audience of your peers and coworkers about these types of insurance plans so they are prepared to answer any patients’ questions or inquiries.Assignment Directions:Write an informative essay for each of the following questions, which will be a handout to the attendees. Each essay should be 200–300 words in length, and you should provide a minimum of two credible references. One of these references can be your textbook.Be careful to choose scholarly sources of information. Include in-text citations in APA style throughout the essay as appropriate and include a reference page listing all sources.Discuss the differences and similarities of the third-party healthcare insurance plans. Please make sure that you include in your essay the different managed-care plans.Discuss the differences between Medicare and Medicaid. Be sure to include information regarding federal and state laws governing the two different types of insurance, qualifications, and limitations of each program.