| A Medical Insurance policy is a contract between | | | | 1. Co-insurance / Co-payments- This is the |
| an insurance company and an individual or a group | | | | amount that would need to be paid by the insured |
| which promises to pay for medical care | | | | before the insurance pays and in addition to the |
| reasonably required by the insured policy holder | | | | deductible. |
| for treatment in case of any injury or illness. Even | | | | 2. Out-of- pocket- An out of pocket expense can |
| now a day's medical insurance policy is provided | | | | refer to how much the co-payment, coinsurance, |
| for disease like obesity. | | | | or deductible is. |
| If an individual has taken up a medical policy then | | | | 3. Waiting Period- This is the time one would have |
| he pays the premium according to a specific time | | | | to wait until certain health insurance overages are |
| frame as decided between the two groups. | | | | available. |
| Usually, the policy takes care for the health & | | | | 4. Grace Period- This is the amount of time one |
| medical acre of an individual but if the premiums | | | | has to pay their health insurance premium after |
| value is higher the insurance covers the family | | | | the original due date and before insurance |
| members also. In the case when the policy is | | | | coverage would be canceled. |
| taken by a group or an association, then all the | | | | 5. Lifetime Maximum-This is the most amount of |
| individuals under the association receive the | | | | money the health insurance policy will pay for the |
| certificate of insurance. Some key points like | | | | entire life. Pay attention to individual lifetime |
| payment of premiums, deductibles and co-pays | | | | maximums and family lifetime maximums as they |
| are decided at the beginning and both the parties | | | | can be different. |
| have to abide by these rules. | | | | 6. Out-of-Pocket - This is the cost one would pay |
| Searching a Medical Insurance Plan? | | | | out of their own pocket. An out of pocket |
| The terms in the policy may be hard to | | | | expense can refer to how much the co-payment, |
| understand at times and the person may stand | | | | coinsurance, or deductible is. |
| confused. So here is list of some terms | | | | Is Medical Insurance Necessary? |
| commonly used up in an insurance plan: | | | | Man saves money for a better & safe future. But |
| Deductible-The deductible refers to the yearly | | | | life is a string of surprises. A serious medical |
| amount of money that the insured would need to | | | | situation can strain one's pocket, thereby |
| pay before any benefits from the health | | | | emptying all the lifetime savings. |
| insurance policy can be used. | | | | |