health insurance stop loss provision
Health insurance is a kind of insurance where the insurance company pays the medical expenses of the insured if the individual in question becomes ill due to causes decks, or by accident. The insurer may be a private organization or a government agency. The main purpose of health insurance is to cover medical expenses and any loss of income while the individual is not well and unable to function normally.
There are different types of health insurance policies. The two Most common are major medical and disability insurance. A major medical health insurance policy provides benefits for sickness or injury, regardless whether the care is provided in the office of a doctor, clinic or hospital. The types of covered illness or injury are typically broad, although there are always limitations you may want to discuss with your agent before buying coverage. Major medical policies normally have an annual deductible and a lifetime maximum amount of benefits to be paid.
Even if you are covered by group insurance at work, you may consider adopting an individual policy if you can change jobs soon, or if certain benefits are not available in Group Policy.
A deductible is the annual amount you will pay for each insured person, before the insurer begins to pay on their invoices. There is a ceiling for the maximum amount of deductions that you will pay in a given year.
In health policy, coinsurance is the percentage of medical expenses that the insured must pay after the deductible is met. Normally health policy would have a provision called a "stop loss" – This is the maximum amount you will pay the medical bills covered.
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Chris Tolamalu is interested in health insurance. See
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Article Source: ArticlesBase.com – Health Insurance 101
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