8 Health Insurance Terms You Should Know When Buying a Plan
The importance of having health insurance has been instilled into people’s heads for years, but during this pandemic, it is worth reiterating. You never want to need it, but if you do, it is important to have it in place. Having health insurance will give you access to better care, better equipment and better medications.
Although health insurance terminology can be confusing at times, it is vital that you understand what you are paying for when you select a plan. Just as you should look into the price of a health insurance plan, you should also familiarize yourself with the various terms used in these plans to fully inform your own decision-making.
Read on for some handy information about health insurance terms you should know if you are looking into buying one.
Deductible
A deductible is the amount you pay for health services from your own pocket before your insurance company starts to cover its share. For example, if you have a $1,000 deductible and you need a colonoscopy procedure, your insurance will cover its share of the cost after you’ve paid $1,000 out of pocket.
Premium
Your premium is what you pay the insurance company to keep your policy active. Most policies are paid – yearly, but some also offer quarterly or semi-annual installments.
Copayment
The copayment is the amount you pay for using certain medical services. In some health insurance plans, you pay the same copay for each visit to your doctor or any other kind of medical professional. For example, if your doctor’s visits have a $30 copay and your prescription drugs have a $10 copay, you’d have to pay $40 when you go to the doctor for a prescription refill.
Coinsurance
A percentage of costs that the insured must pay after meeting their deductible. For example, if your policy has coinsurance of 80% and the bill is $1,000, then your coinsurance contribution would be $200 (20%). If the coinsurance was 50%, then the amount to pay would be $500 (50%).
Exclusion or Limitation
A medical exclusion is a condition or treatment that a health insurance plan does not cover. Some exclusions are for specific situations, conditions, or treatments such as prescription drugs or maternity care.
In-network Provider
An in-network provider is a doctor, hospital, or pharmacy that is part of a health plan’s network of preferred providers. If you visit an in-network provider, you may pay less than if you went to a doctor who is not discounted by your health plan.
Out-Of-Network Provider
Out-of-network providers are those that are not affiliated with your health plan. You will usually pay more for services you get from them.
Pre-existing Condition
A pre-existing condition is a health problem that has been diagnosed, or for which you have been treated, whether successfully or unsuccessfully, before buying a health insurance plan. This means that if you had a medical problem and bought health insurance after that, your plan will generally not cover the costs related to this pre-existing condition.
In the end, being well-informed about your health insurance options is the best way to ensure that you make the best possible decision for you and your family. You also want to be able to spot any red flags when comparing different plans, and know what questions to ask your broker or agent.
Why Choose A+ International Healthcare?
With international healthcare, you get to have the best of both worlds. You can enjoy high-quality medical coverage in your home country and at the same time, get protected in the country you are moving to. Wherever you go, world-class care is within reach.
With A+ International Health Plans, you can have access to a network of 10,000 doctors, hospitals, and clinics in more than 150 countries. Each of our health plans is tailored to your specific needs. For as low as $30/month, Easy Care+ gives you international protection, whether you plan to travel or if you want to get the best healthcare locally.
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Since 2008, A+ International Healthcare has been providing best-in-class medical health plans around the world. To know more about our products and services, visit http://www.aplusii.com, or follow us on LinkedIn, Facebook, Twitter, and Instagram for more updates.
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