Insurance Terms Glossary
Insure Saver is an insurance agency which provides information, plans and free insurance quotes to families, individuals and small businesses. Here are some of the insurance products that we provide:
Individual Health Insurance – This type of insurance plan covers only one person. The premium of this insurance plan is much higher compared to the group health insurance plan.
Group Health Insurance – This is the common type of insurance plan which is provided by employers to their employees. The premium of this insurance plan is sometimes shared by both the employers and the employees.
Life Insurance – It does not matter what stage of life you may be in right now because Insure Saver can quickly provide you the most significant life insurance plan that will perfectly fit to your needs as well as the needs of your family.
Travelers Insurance – No matter where you go, you can gain peace of mind with travelers insurance. Any type of travel involving risk, whether for business or pleasure, can benefit from a travel insurance plan. Travelers insurance can greatly help you during those unforeseen events. You can get coverage for different scenarios, such as you lose your luggage after arriving at your destination, need to quickly return home due to personal emergency or you need to be hospitalized due to a medical emergency.
Searching for the best health insurance plan that fits both your needs and those of your family can be difficult if you do not have experience with insurance. One of the best things that you can do is to look for resources on the internet which can guide you in making your decision. Here are some of the common terms used in the health insurance industry.
Co-insurance – This is the percentage amount which will be paid by the insured. The most commonly used split is 80/20, which means that 80% will be paid by the insurance company and the remaining 20% will be paid by the insured.
Co-payments – This is usually a fixed amount that should be paid by the insured in exchange for the services that he gets. This amount is usually applicable in buying prescription medications and visiting your doctors.
Coverage – The insurance company will pay you if you are undergoing these conditions.
Deductibles – This is the amount that the insured must pay before the health insurance company will provide the benefits.
Exclusions – A list of coverage which are not covered in your insurance policy.
High Deductible Health Plan (HDHP) – This is a type of insurance plan which has higher deductibles and lower premiums compared to a traditional plan. Members of this plan can also obtain a Health Savings Account (HSA).
For more information regarding insurance terms, regulations, or various plans, please feel free to contact the Insure Saver team. We’ll answer your questions or concerns and help you select the coverage that you need..
