HEALTH INSURANCE & ITS TERMS

Health insurance is a protection shield against economical loss due to weak health. It covers specific medical care expenses occurred from any accident or ill health. To have Health Insurance is very important today because it protect you from accidentally happen economical expenses. At that time if you can’t manage or able to pay expenses then your Health Insurance helps you to pay that expenses.
Detectability
When you want to buy Health Insurance you have to pay some money to the Insurance Company before your health Insurance Policy begins to pay. Generally Policy Buyer have to pay that money yearly period and next year again the amount will be deductible. This cycle continues when your Health Insurance Policy will get over.

Coinsurance
Health Insurance Provider Company required paying this amount by the Policy Buyer and it would also pay before the Health Insurance Company starts paying. This Amount is known as Co-insurance, Some Health Insurance Company provides various benefits and services to the Policy Buyer.

Co-payment
Co-payment is a different term which is also used in place of Co-insurance. Some Health Insurance Company call and use Co-payment instead of Co-insurance but the purpose of that both terms are same.

Maximum Out of Pocket
The Expense, which is paid by the Policy Holder from their pocket and in totaling to premium, is called Out of Pocket. This money is needed to pay to the Health Insurance Company for Detectability and Co-payment or Co-insurance. Out of pocket amount is preset by the Health Insurance Company.

Lifetime Maximum Money
This is the maximum money of each Health Insurance Plan will be paid by the Health Insurance Company. This service provide during the policy holder’s life time. Note one thing that the individual lifetime maximum and family lifetime maximums are different.