In the world of health insurance there are many terms that the consumer needs to be aware of in order to determine which plans suit their needs. From what the deductible will be to what the out of pocket maximum is, it is very important to be aware of the intricacies of your plan in order to prevent an overcharge from the hospital. Many plans to not cover as much as one might think, so being aware of this is crucial.
- Health insurance deductibles are usually shown as individual deductible and family deductible. The deductible is met throughout the year by medical expenses that are included within the deductible.
- In-network physicians have come to an agreement with an insurance company regarding reimbursement rates for services and covered treatment guidelines while out-of-network providers have not.
- High-deductible plans can save families who do not receive treatment on a regular basis money with lower premiums even though the out of pocket expenses are higher.
“This week, let’s look at some terms that show up in health insurance that we don’t see in other policies, or terms that might mean something different in the health insurance.”