At a glance terminology…
- Copayment: A form of medical cost sharing in a health insurance plan that requires an insured person to pay a fixed dollar amount when a medical service is received. The insurer is responsible for the rest of the reimbursement. There may be separate copayments for different services. Some plans require that a deductible first be met for some specific services before a copayment applies.
- Deductible: A fixed dollar amount during the benefit period - usually a year - that an insured person pays before the insurer starts to make payments for covered medical services. Plans may have both per individual and family deductibles. Some plans may have separate deductibles for specific services. For example, a plan may have a hospitalization deductible per admission. Deductibles may differ if services are received from an approved provider or if received from providers not on the approved list.
- Maximum out-of-pocket expense: The maximum dollar amount a group member is required to pay out of pocket during a year. Until this maximum is met, the plan and group member shares in the cost of covered expenses. After the maximum is reached, the insurance carrier pays all covered expenses, often up to a lifetime maximum.
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Absolute Insurance has partnered with Group Benefits LTD, in an effort to supply the best health insurance plans for our clients. Group Benefits LTD, much like Absolute, represents many health insurance companies, including the biggest names in the industry. They strive to understand your unique situation and establish a plan that works best for you and your family.
Group Benefits LTD are extremely knowledgeable and up to date with the continuous changes that take place in the health insurance industry. They also have a thorough understanding of the plans and can explain these plans in detail. Click on the above link to request an email quote or call 515-279-2722 to talk to a live person.
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