Health insurance is a widely discussed subject. It’s constantly within the news. It’s on TV, on radio, in magazines and newspapers. All of the political candidates own it on their agenda. It basically touches the lives of everyone. It does not matter in case you are insured, uninsured, underinsured or uninsurable. Everyone appears to be affected in a way or another.
It’s surprising how many individual do not understand basic medical health insurance terminology. They need this knowledge to make informed decisions with regards to their healthcare needs. There is no way I can cover them but I’ve attempted to list a few of the more common frequently asked questions. I’ve broken them into a series. The following is Part I.
Q: “What is medical health insurance?”
Basically, medical insurance is the promise by an insurer or a health intend to provide or purchase health care services in substitution for a payment of premiums.
Q: “What could be the main distinction between individual and group insurance?”
It usually is dependant on evidence of insurability. When someone is purchasing an individual insurance policy, they often will be required to answer a health questionnaire and undergo a medical examination to supply evidence of their insurability. The insurer may decline coverage on the basis of the applicant’s track record, health, personal habits, age, income or any other factors related to risk acceptance. Or the insurer may issue an insurance policy with some limitations on coverage. Alternatively, most group insurance, however, is distributed without the need for medical examinations or other proof individual insurability as the insurer will be insuring a sizable pool of individuals. There should be enough visitors to balance those in poor health against those who work in good health.
Q: “What is really a deductible?”
An insurance deductible is the amount that an individual must pay or incur each twelve months before health insurance benefits are covered covered medical expenses. Typically, the higher the deductible, the reduced the cost of the health insurance.
Q: “What can be a copayment?”
A co-payment is the specific amount you spend for a particular service. For example, your health insurance policy may require you to pay a $10 copay with an office visit or a brand-name prescription drug, after which it the insurance company will pay the remainder of the price.
Check out my other guide: e health insurance, acceptance insurance and kaiser health insurance
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