Health Insurance Boston

Can’t Be Beat Health Insurance
116 Hudson St
Boston, MA 02111
tel. no.(617) 933-8030

For the uninitiated, health insurance or any form of insurance could be quite confusing with all those technical terms being thrown around. Sometimes, knowing the language of the trade can help you out not only in picking the right insurance company but also understanding the policy that you are going to buy. To wit, here are some common health insurance terms that every insurance policy holder should know.

1. Co-pay. This is the fee that you would have to shoulder for some medical services or prescription drugs. The lower the co-pay, the larger would be the insurance premium which you have to pay for. The remaining balance after you have shelled out your co-pay will be shouldered by the insurance company.
2. Co-insurance. This is the ratio between what you have to pay and what the insurance company has to pay too. For instance, your insurance policy states a co-insurance of 80 percent for the first $5000, the insurance company would pay 80 percent of that amount which is $4000 while the remaining balance will come out of your pocket.
3. Qualified service provider. These are licensed doctors, laboratories, dentists, and hospitals affiliated with the insurance company. Usually, medical insurance companies would give you a list of healthcare providers you can go to if you want to avail of your insurance policy. These doctors provide lower rates in exchange for the insurance company referring patients to them.
4. Underwriter. This simply means the insurance company.
5. Accidental death and dismemberment. This refers to the additional cash benefit given to the insured person if he or she was involved in an accident where he or she lost body parts. For accidents resulting to the death of the insured person, this benefit is given to the insured persons beneficiaries or dependents.
6. Emergency care. There are times when people would need urgent medical condition and the closest hospital would be the best choice for them to go to. Even if this hospital or healthcare provider is not included in the qualified service provider list, most insurance companies would cover the cost of the medical service if they deemed that it is emergency care. There are insurance companies though which do not follow this norm and you should be wary of that.

These terms may not mean much but when you are talking with a savvy health insurance agent, they tend to overwhelm you with words that you may not even understand as to how they are being used in the insurance business. It is wise therefore to learn these and other insurance terms before you jump into the action. This kind of preparation could avert any health insurance problems you might experience in the future simply because you didn't know the difference between co-pay and co-insurance and other terms.