What is Health Insurance?
Health Insurance is a contract, It is an agreement between the health insurance company and the insured that protects and maintains the health of the individuals listed on the policy.
There are 4 moving parts to a health insurance policy.
- Co-Pays
- Deductibles
- Co-Insurance
- Out of Pocket Maximums
Depending on the company and policy you decide to invest into, the contract comes with a variety of health benefits. Doctors’ office visits, prescription, emergency room, hospitalization, and even surgery can be purchased in the form of benefits under terms of co-payments and co-insurance.
Some plans come with co-payments for doctors’ office visits, prescriptions, and lab work before the satisfaction of a deductible, other plans such as Catastrophic plans obligate satisfactions of deductible before co-payments and coinsurance apply.
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