Choosing the right health insurance that satisfies you takes a heap of your time but what about the terms that they use in your contract.
Here are some of the most common terms used in health insurances:
Exclusions are the things that the insurance policy will not cover.
Grace period is the amount of time one has to pay their health insurance premium.
Policy is the written contract of the insurance.
Pre-existing condition is something someone had before getting the insurance policy. Some will cover pre-existing conditions while others exclude them.
Premium is the amount of payment due to the insurance company in exchange for the insurance policy.
May 30 2009 | General Info and Tips | Comments Off
Image Source: www.guaranteed-issue-health-insurance.com
A health savings account is a form of medical savings account that
allows you to save money to pay for existing and future medical
expenses on a tax-free basis. In order to be qualified for a health
savings account, you must be enclosed by a high-deductible plan,
not have any other health insurance, and not
be claimed as a dependent on someone else’s tax return.
You can use this account to pay for your competent health expenses,
including expenses that the plan generally doesn’t cover, such as
spectacles and hearing aids. Expenses paid out of the HSA that are
eligible expenses under your high-deductible health plan will add up
towards the plan’s deductible.
During the year, you can make charitable contributions to your
health savings account using before-tax dollars. In some cases,
employers may set of connections and help fund health savings accounts for their employees.
August 19 2008 | General Info and Tips | Comments Off