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Terms and Meanings of Health Insurance in the United States
You may be wondering, what is the premium or deductible? It is important that you know the basic terminology of health insurance, because when you are looking for health insurance, they will help you to have a better understanding of the subject and thus be able to compare health insurance. With this you will know which is the best insurance option for you and your family.
To clear up the most important questions about terminology, here are some terms you should know about health insurance:
What is the Deductible in Health Insurance?
It is the amount that you must pay to receive medical care for covered services before your insurer begins to pay for the events covered in your policy. This will depend on the deductible of your insurance plan. One example is that if your policy has a $5,000 deductible, you will have to cover $5,000 in covered medical services before the insurance company begins to cover your medical expenses.
What is Coinsurance in Medical Insurance?
You and the insurance company share the costs, once you have met your deductible. It is a rate shared by you and the insurance agency. The insurance company may pay 70% while you pay 30%.
What is the Medical Insurance Copayment?
It is a fixed amount established by the insurance company at each visit to the doctor. For example, a visit to the cardiologist will be $30 dollars, each time you use your health insurance plan, this does not matter if you go twice a year or 10 times a year.
What is the Health Insurance Out-of-Pocket Maximum or Out-of-Pocket Limit?
It is the most you can expect to pay before your insurance company pays 100%. An example is that the insurance company says that when you reach $5,000 you will not pay any more and they will take care of it. The out-of-pocket maximum goes hand in hand with the deductible and coinsurance.
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Health Insurance Premium
It is the sum you should pay to have health care coverage, this can be deducted from your compensation and is normally paid month to month. Regardless of what type of health insurance you take out, you must pay a premium.
Medical Insurance Exclusions
They are the services that the insurance company does not cover. You should pay for these administrations all alone, without the assistance of your protection.
Medical Insurance Coverage Limit
For this situation, the insurance agency just covers a most extreme sum, so in the event that the expense is surpassed, it should be covered by you.
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