Until Obamacare is
repealed and replaced, you are stuck with it unless the new President is a Republican.
If Hillary becomes President, Obamacare will continue and both the cost and the penalties will just get worse along with your choice of doctors and hospitals being seriously diminished.
Nevertheless, here are the three health insurance terms you need to know before buying an Obamacare policy or just a regular health insurance policy.
If Hillary becomes President, Obamacare will continue and both the cost and the penalties will just get worse along with your choice of doctors and hospitals being seriously diminished.
Nevertheless, here are the three health insurance terms you need to know before buying an Obamacare policy or just a regular health insurance policy.
Premium
The total amount paid to the insurance company for health
insurance coverage. This is typically a monthly charge. Within the context of
group health insurance coverage, the premium is paid in whole or in part by the
employer on behalf of the employee or the employee's dependents. Unearned premium is
the portion of a premium
already received by the insurer under which protection has not yet been
provided. The entire premium is not earned until the policy period expires,
even though premiums are typically paid in advance.
Deductible
The amount of loss paid
by the policyholder. A specific dollar amount that your health insurance company
may require that you pay out-of-pocket each year before your health insurance
plan begins to make payments for service or claims. Not all health insurance plans require
a deductible. As a general rule (though there are many exceptions), HMO plans may or may not typically require a deductible, while most Indemnity and PPO plans do. In
general, the
bigger the deductible, the lower the premium charged for the same coverage.
Coinsurance
The amount that you are obliged to pay for covered medical
services after you've satisfied any co-payment or deductible required by your
health insurance plan. Coinsurance is typically expressed as a percentage of
the charge or allowable charge for a service rendered by a healthcare provider.
For example, if your insurance company covers 80% of the allowable charge for a
specific service, you may be required to cover the remaining 20% as
coinsurance. After
paying 80 percent of losses up to a specified ceiling, the insurer starts
paying 100 percent of losses.
Call (773) 641-3201 for answers to your health care questions or to get a quote.
Any comments, leave them below.
Call (773) 641-3201 for answers to your health care questions or to get a quote.
Any comments, leave them below.