February 19, 2010

Know about Health Insurance



Health Insurance, as we all know, is a type of risk management system, The risk, of which I am talking about, is the risk of incurring all the expenses related to healthcare. If you are going through a serious financial limitation and if it is a situation of medical emergency for you, a Health Insurance Policy is all which can help you the most. Nowadays, a good number of institutions provide us different Affordable Health Insurance quotes. And truely speaking, most of them are really dependable.

A Cheap Health Insurance policy is nothing but an agreement between you and the concerned Health Insurance Company, in which all your medical expenses are taken into account and evaluated. Then, a methodical and periodical payment stucture is made for you in order to ensure the availability of money for providing you all the benefits mentioned in the agreement, in case of your medical emergency. If you are going for a Health Insurance Plan, you need to know the related terms :

Premium :
It is the amount of money you have to pay each month for buying the health coverage.

Deductible :
You may have to take some money out of your pocket (doctor's fee for check-up, prescription refills etc.) before the company starts to pay you. This is what we call deductible.

Co-payment :
This is the sum of money which you have to pay before your insurer provide you benifit for a specific service. Each time you access a particular service, you must make co-payment before that.

Coinsurance:
Besides the routine payment, you may have to pay a shorter percentage of the total expense, named coinsurance.

Exclusions:
You should be fully responsible for bearing the costs of the services, not covered by the plan.

Coverage limits:
There are some Insurance companies which do not serve their clients after a point of limitation. When the maximum payment for a definite service is reached, the remaining financial obligation goes to the policy-holder.

Out-of-Pocket Maximums:
When you reach your out-of-pocket maximum, the company pays the further costs.

Capitation:
A monthly fee paid by the insurer to all the health care providers like doctor,lab, hospital etc. to serve all of their members.

In-Network Provider:
The helth care providers in network are those who have agreed with the Health Insurance company to accept a discount on the conventional charges.

Prior Authorization:
It is a kind of certification which is provided by the insurer before any service.

Explanation of Benifits:
The document for you, sent by your insurer, explaining all the services offered and spendings in detail.

So, what are you waiting for? Just go for an Affordable Health Insurance plan and secure a happy and tension-free life.

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