When it comes to hunting down the most affordable family health insurance policies, you'll have to do your homework. That's for sure! Affordable family health insurance requires a comparison of what is available to you and that means understanding some of the lingoes they use. You can also get to know more about affordable family medical insurance plans via Health Insurance FAQs.
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Covered Expense: This, essentially, is an expense that you have to pay out initially, but that your insurance company pays you back for. They might agree to only pay a certain percentage of your expenses or set an annual limit, so read the terms.
Deductible: This is the amount of money that you will be personally required to pay out before the insurance company begins shelling out! If you have a plan with co-pays, it works a little differently. A copay is basically an agreement as to how much you, the insured, will pay for various things, such as doctor's visits and prescriptions and your insurer meets the rest.
Under these terms, you do not have to reach a deductible before your insurer will payout. As a general rule, the higher your deductible, the lower your monthly premium.
Co-Insurance: Most affordable family health insurance plans are worked in such a way that the cost of care is split between the insurer and the insured. After the deductible is met, the insurer pays some out, leaving the individual responsible for a further amount. This often works out as the insurer paying 80% and the individual meeting the other 20%.
The more reputable and fair companies offer a stop-loss limit, however, whereby there will be a maximum you will have to pay. So, for example, you would not be left stuck with 20% of a really, really huge medical bill to pay! Always check your potential insurer has this in place.