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To adequately safeguard your greatest treasures, consider the following types of Personal Insurance Coverage, and contact our experts to personally answer your questions.
There are many variables to determining a custom quote for health insurance coverage:
A health insurance policy is a contract between an insurance provider and an individual or sponsor, such as an employer. The contract can be renewed, or last for a lifetime if private insurance. The type and amount of healthcare costs covered by a health insurance provider are specified in writing in a contract or a coverage booklet.
Your obligations for health insurance may take a number of forms:
Premium: The amount you, the policy-holder or your sponsor, such as an employer pays to the health plan to purchase health coverage.
Deductible: The amount you are responsible for before the health insurer pays its share. For example, you may be responsible for a $500 deductible per year, before any of your healthcare is covered by the health insurer. It may take several doctors visits or prescriptions refills before you reach your deductible and the insurance company starts to pay for your care. Note that most policies do not apply co-pays for doctor's visits or prescriptions against your deductible.
Copayment: The amount that you must pay out-of-pocket before your insurer pays for a certain visit or service. For example, an insured person might pay a $45 co-payment for a doctor's visit, or for a prescription.
Coinsurance: Instead of, or in addition to, paying a fixed copayment, the co-insurance is a percentage of the total cost you may also pay. For example, you might have to pay 20% of the cost of a procedure over and above a co-payment, while your insurer covers the other 80%. An upper limit on coinsurance can affect how much, or how little, the additional payment which is your responsibility.
Exclusions: Many policies do not cover every service. You are generally responsible for full payment of the cost of non-covered services.
Coverage limits: Some health insurance policies only pay up to a certain dollar amount. You may be expected to pay any charges that exceed the health plan's maximum payment for a specific service. Some insurance companies also have annual or lifetime coverage maximums. In these cases, the health plan will stop payment when they reach a maximum and you must pay all remaining costs.
Out-of-pocket maximums: This is similar to coverage limits, except that your payment obligation ends when you reach the out-of-pocket maximum, and your health insurance pays all further covered costs.