THINGS TO PAY FOR YOUR HEALTH COVERAGE
Health insurance policies are as tricky as they are beneficial. If the policy-holder, meaning the client, failed to comply with the rules and regulations of the contract, chances are he wouldn’t be able to benefit from the insurance when needed.
Individual policy payments take many forms, that of which the policy holder must be able to comply. No matter what the trend on health insurance is, these payments do not change because they practically cover everything needed to ensure the client a full benefit once used:
Premium – monthly payment to purchase coverage
Deductible – amount the policy-holder pays before insurance gives it share
Copayment – an out-of-pocket amount from the policy-holder before the insurance reimburses the amount
Coinsurance – policy-holder shares the cost. This is hardly expensive on the side of the patient.
Exclusions – not all medical services will be covered by the insurance, unless specified by the company.
Coverage Limits – policies have amount limits. Anything exceeding the amount shall be shouldered by the patient.
Out-of-pocket maximums – similar to coverage limits, only this time, the patient’s payment obligation ends at a certain amount.
Capitation – amount paid by the insurer to health care provider to cover other family members in case of emergency.