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Insurance | The Basics of Health ...The Basics of Health InsuranceTotal Word Count: 1775 Author Rating: NA  Rate this article
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Like all other Insurances, a health Insurance is also a contract that is a binding for both parties
Like all other Insurances, a health Insurance is also a contract that is a binding for both parties (you and your Insurance Company). It may be also between your company and the insurance firm. While signing the health insurance paper, you come to know about, all sort of costs as they are they are specified clearly in advance. The moment you sign the paper, your health insurance becomes a valid contract with its terms and agreement, binding on you and your Insurer.
Premium: A premium is the amount that you pay to the Insurance Company for your health plan coverage. The time of payment for your premium entirely depends upon you – it may be monthly, quarterly, biannually or yearly. However, the amount you once fix under the rules (of the Insurance that you are buying) for the premium remains the same. Deductible: Deductible is the amount that you pay out before the insurance company pays rest. Co-payment: Co-payment is an amount that you primarily pay out from your pocket, before the insurer pays you. For example – you pay 100$ co-payment for your treatment or doctor’s visit; this amount will be paid to you by your health Insurance Company. Coinsurance: Coinsurance is the additional amount that you are needed to pay for your treatment. For example – If the cost of your treatment or operation for a certain disease is about 500$ then, as per the pre-decided rules 30 percent of this amount would be paid by you and rest 70 percent will be paid by your Insurer Company. Capitation: Capitation is the amount that you pay to your health insurance company so that it takes the responsibility of all your medical expenses. Given above are some of the significant Terminologies that are used by Health Insurance companies; hence, the knowledge of these terms let you have good returns and medical facilities. ArticleSource: ArticlesAlley.com
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