Health Insurance 101
Friday, September 7th, 2007Deductible. This refers to the amount of money you need to pay every year before your medical insurance plan pays the benefits. For instance, if your plan is for $3000 and your deductible is $500, you have to pay the latter amount first before your health plan will start to provide the benefits in your contract.
Basic Coverage. As the phrase implies, it comprises of all the “basic” medical services you can get in your plan – hospital room, some hospital services such as x-rays and basic surgical procedures.
Major Coverage. This is an extension of the basic coverage, and useful for long-term and high-cost illnesses or recovery from accidents or injuries.
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