Overview
Health insurance policies are essential for managing healthcare costs and ensuring access to necessary medical services. Understanding key terms like premiums, deductibles, and copayments is crucial for making informed decisions about health coverage. By knowing how to read a policy document and und...
Key Terms
Example: You pay a premium of $200 each month for your health insurance.
Example: If your deductible is $1,000, you pay the first $1,000 of your medical bills.
Example: You pay a $20 copayment for each visit to your primary care doctor.
Example: Your insurance plan has a network of doctors you can visit for lower costs.
Example: Once you reach your out-of-pocket maximum of $5,000, your insurance pays 100% of covered services.
Example: Cosmetic surgery is often an exclusion in many health insurance plans.