Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Kentucky Individual Health Insurance - Understand the Lingo

By Tracy McManamon Subscribe to RSS | May 12th 2012 | Views:
loading
 
  



When you are shopping for Kentucky individual health insurance, you could come across many terms and expressions. Understanding the lingo is the first step towards finding a plan that meets your needs.

Important Health Insurance Terms

Premium: This is the amount you have to pay the insurance company every month when you purchase a Kentucky individual health insurance policy. If you choose a plan with a lower premium and higher deductible, this would mean you save money now. A higher premium/lower deductible plan helps you face unexpected medical expenses later and face rising healthcare costs. Remember that non-payment of your premium can result in the cancellation of your policy.

Copayment: Your copayment or copay is the amount that you have to pay up front for a specific type of service, in addition to what your insurance covers. For instance, your Kentucky health insurance plan may require a $10 copay for each office visit. The insurance company pays the rest of the charges. If you expect to make frequent doctor office visits, it’s advisable to choose a plan with an affordable copay.

Deductible: The deductible is the amount you may be required pay out-of-pocket before your insurance company covers the costs. Most often, your monthly premiums and copays will not count toward your deductible. A good rule is to keep your deductible at a level that is not higher than about 5% of your gross annual income.

Coinsurance: This is the money that you have to pay for services, after your deductible has been met. Co-insurance is usually specified by a percentage. For example, if your insurance company covers 80% of your x-ray charges, you would have to pay the remaining 20% even after your annual deductible has been met. This 20% is your coinsurance.

Out-of-pocket maximum: When you are buying your Kentucky health insurance policy, pay special attention to its out-of-pocket maximum. This is the maximum amount (through deductibles, copays or coinsurance) that you must pay out of pocket. Once you have paid this amount, the insurer will pay in full for your health care expenses for that year. Your monthly premium will not count towards meeting the maximum out of pocket costs.

Claim: The claim is the request or application that you or your health care service provider makes to your Kentucky health insurance company for the company to pay for the benefits of the plan. The insurer may or may not approve the claim, based on their evaluation of the situation.

Maximum dollar limit: This is the maximum amount of money that your insurance company will pay for your claim within a specific time period. This amount could vary based types of illnesses or types of services, and whether they are specified for a year or for a lifetime.

Effective date: This is the date on which your insurance coverage begins.

Get Professional Guidance

This is just some of the basic health insurance lingo. There is so much more you need to know – more term, types of Kentucky individual health insurance plans available, how to go about getting quotes and comparing them, and selecting an affordable plan to meet your requirements. Contact an experienced, licensed Kentucky health insurance broker for professional guidance.

Tracy McManamon - About Author:
Tracy McManamon is a licensed Kentucky health insurance consultant with over 22 years of experience. He can help you find an affordable and comprehensive Kentucky individual health insurance plan.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/insurance-articles/kentucky-individual-health-insurance-understand-the-lingo.htm

Related Insurance Articles Subscribe to RSS

Plan your business insurance cover to acquire solid defense
Published by Andrew Edwards on March 19th 2012 | Insurance
In addition to expenses made on maintenance of the workings, we also need proper planning in terms o...
 
Find out why product liability insurance is necessary for your business
Published by Andrew Edwards on January 17th 2012 | Insurance
Before leaving it aside think on the complex situations faced by company...
 
Include product liability insurance in investment plans
Published by Andrew Edwards on December 13th 2011 | Insurance
Product liability arrives at head when consumer or workers take off injury with the product...
 
Just where to get the best car insurance packages in Ohio
Published by Usautoinsurances on January 17th 2012 | Insurance
It is illegal to drive your car on the Ohio highways without proper auto insurance. Some people shun...
 
Using cheapest car insurance quotes to find the cheap car insurance
Published by Robmichae on March 16th 2012 | Insurance
Finding the cheap car insurance includes obtaining cheap insurance quotes to assist an individual to...
 
Buy DUI insurance online and save time and money
Published by Maryparker on November 29th 2011 | Insurance
Some of us cannot but drive rash. And some of us, even when we know it is illegal, care two hoots ab...
 
Look at us and buy affordable business insurance
Published by Andrew Edwards on March 14th 2012 | Insurance
While making choices in for business insurance you should not avoid us...
 
Mississippi offers the best car insurance for you
Published by Autoinsurances on January 16th 2012 | Insurance
It is important that you are insured when you are on the road. If at all you are driving on the Miss...
 
Best and Low cost medical insurance
Published by Lessardcasey on February 11th 2012 | Insurance
With swirling controversy over the availability of health insurance for all citizens of the United S...
 
Buying term insurance online - a way to save premiums
Published by Chris Luke on April 26th 2012 | Insurance
Term insurance is a commonly purchased policy in current times as it is the most suitable plan that ...
 
Getting the best Georgia auto insurance
Published by Auto Insurances on January 17th 2012 | Finance
As the state of Georgia is very notorious for having a big number of car accidents and also incident...
 
Importance of comparing commercial insurance quotes
Published by Andrew Edwards on April 20th 2012 | Insurance
If you are running a business which is not performing in terms of huge profits...
 
Availing benefits from cheap California auto insurance
Published by Auto Insurances on January 14th 2012 | Finance
In this period of inflation who doesn’t want to save money? Every one seeks to save money from eve...
 
Professional indemnity insurance- secure your profession
Published by TimHarris on January 4th 2012 | Insurance
Being a professional is not a kid’s play. One has to serve untiringly to please the customers. But...
 
Assess your business insurance plan for better returns
Published by Andrew Edwards on February 21st 2012 | Insurance
While running business enterprise we have to look in plans which are suitable and make everything or...
 
Provide the best insurance for your car with the best insurance quotes
Published by Jameshaven on March 5th 2012 | Insurance
You just purchased a car recently, it is now very important for you to secure your car with the car ...
 
Four steps to get the cheapest car insurance
Published by Jameshilton on January 12th 2012 | Insurance
Car insurance has been made mandatory by law. But with the rise in car insurance premium rates, it i...
 
Tips to use Car insurance comparison website
Published by Jameshaven on March 16th 2012 | Insurance
Who does not want to save money? Car insurance is something that every owner of the car needs but so...
 
Life insurance leads
Published by Sushil on July 23rd 2012 | Insurance
If you are in the Life insurance business, you always need to procure quality life insurance leads f...
 
Understanding public liability insurance
Published by Lauraallen on April 14th 2012 | Insurance
If you are running any kind of business, then you must take into account public liability insurance....