This type of health insurance plan pays hospital and medical expenses once they have exceeded a higher deductible. The cost for these plans is usually substantially less than "first dollar" plans, with lower deductibles.
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What is a co-payment?
The co-payment is a small fixed dollar amount that you pay ($10 or $15 dollars for example) at the time services are rendered. Typical co-pays are for office visits, prescriptions, or hospitalizations.
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What is a deductible?
A deductible is the portion of your health care that you pay before insurance starts to cover the expense. Usually, the higher the deductible, the lower the premiums. You can have more than one deductible on your policy ~ for example, one for a hospital stay and one for prescriptions.
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What is a health savings account?
A health savings account can be set up by any adult who is covered under a qualified high deductible health plan. Money is contributed into the health savings account by the individual, their employer, or both. Money is not lost at the end of the year if it isn't used; it rolls over to the…
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What are the most common types of life insurance policies?
Term Insurance provides protection for a specific period of time (5, 10, 20 years), and pays a benefit only if you die during that term. Often, this type of insurance can be renewed when you reach the end of the specified time period. The yearly premium usually increases as you grow older and continues as…
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