Types of Medical insurance can be basically placed in 6 categories:
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1. DEDUCTIBLE:
This is the oldest type of medical insurance .it use to be the only one offered. With a deductible plan, the insured person has a stipulated amount of money he/she must pay before the plan's benefits go into effect. This pre-determined amount is called a deductible. Deductible amounts vary from plan to plan. A rule of thumb is that the higher the deductible amount, the lower the monthly premiums are.
After a patient reaches his/her deductible, the health insurance company begins paying for a portion of incurred charges. And, the patient pays for the remainders .This is called the coinsurance and most plans offer payment structures in the following manner:
90% / 10%
80% / 20%
70% / 30%
60% / 40%
In health insurance lingo , this is called 90,10 or 80,20 or 70,30 . If a patient's health insurance is 80/20, then the insurance company pays 80% and balance 20% out of his/her pocket.
Deductibles are renewed each calendar year .they do not , though effect your monthly premiums in any way .and if you never utilize your insurance , your are not responsible for paying the deductible amount .Deductibles only come into play once you begin receiving medical treatment in some fashion.
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