Finance and Business

When dealing with a health insurance plan, whether a new one or the one you have already purchased, the specific language of its contents can be confusing for most people. All these provisions, coverage options and payments make little sense unless you are an insurance expert. And it’s not that rare that a person asks what does their policy provide even after having it for some time.

Don’t worry, we are here to help you. Below you will find the most commonly used health insurance terms you will find in any policy with brief and comprehensive explanation that will help you understand your insurance policy better.

Deductible

Deductible is the sum of money the policy-holder has to pay out of pocket before the policy benefits will kick in. This amount is typically set on an early basis, meaning that a certain part or the whole deductible in the current year, this amount will be renewed in the next one. Certain services provided by the insurance policies such as physician visits are available free of deductible. If you have your family members included into your policy, there’s usually a separate distinction between individual and group deductible amounts.

Co-insurance (Co-payments)

The sum of money you have to pay on your own before your policy starts covering you in addition to the plan’s deductible. Certain plans will require only co-insurance payments for some types of services without requiring you to pay the deductible.

Out-of-Pocket

It’s a general term denoting all payments that you have to make on your account before the policy coverage kicks in. This usually refers to deductibles, co-payments and co-insurance. When speaking of annual out-of-pocket maximum this term refers to the overall costs of the insurance policy during the year minus the premiums. Read the rest of this entry »

The modern Western society is at war, which influences and affects virtually all domains of life and forces people to reconsider traditions, judgments and practices. This is the war of sexes. And if some domains women are left by men behind, when it comes to insuring one’s life, the strong sex is clearly losing it, with women going far ahead. But why is that really so?

Back in February, the Society of Actuaries has conducted a study concluding that high amounts of testosterone (i.e. the male hormone) lead to more harmful effects on health and behavior, not to mention the overall risk-taking property of this substance, which makes men more prone to undertaking hazardous activities than women. Higher blood pressure and lower immune system activity is the cause of the substantial difference in mortality rates and serious health issues, which are most obvious at the age of 22, when men have the highest amounts of the hormone in their blood.

For a long time the common belief was that women live longer because they are not subjected to serious stress and hazards, traditionally working at home. But with the modern tendencies of women undertaking tasks that are traditionally done by men, researchers have observed that women who are making part of the working force actually have a longer duration of life even compared to those who stay at home. Read the rest of this entry »

When you insure your life, you not only get a flexible financing tool that secures your future, but also protect your family and loved ones in situation when you just can’t help. So when it comes to insuring your life, having a substantial research and analysis on the matter is viable for having just the right policy to meet your needs. To give you some hints on the most important aspects of this insurance type here are some things to consider:

1. Shop around to save a buck

As with any product and insurance in particular, it is reasonable to spend some time and shop around. Get as many quotes as you can from different companies to see what they have to offer for the same price or amount of coverage. You will be surprised to learn that sometimes the difference is huge. Read the rest of this entry »