Do you understand your insurance lingo? If you do, count yourself lucky (and good at word puzzles). If you don't...read on.
Familiarize yourself with these common terms.
Copay: The amount you owe for a medical expense at the time the service is rendered. For example, your policy might require a $10 co-pay per doctor's visit.
Deductible: The total amount you must pay for health expenses before your health insurance begins to cover costs. Generally, the higher your deductible, the lower your premium.
Exclusion: Medical services that are not covered under an insurance plan. For example, a plan may not cover plastic surgery or certain kinds of drugs.
Lifetime maximum benefits: The top amount a plan will pay over your lifetime. Maximums generally range from $1 million to $5 million.
Premium: The periodic amount you pay for your policy.
Provider: The person or facility that gives health-care services. Providers can include doctors, therapists, hospitals, labs and clinics.
Source:
All You magazine, August 29, 2008, Page 163
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