Finding affordable health student insurance quotes is pretty challenging if you aren’t aware of the technical insurance jargons. A simple understanding of the fundamental definitions of the terms used in insurance can help you take the right decisions since you get a basic understanding of the same. Learning these terms will help you look up to the best student insurance quotes online saving a big number of dollars. It is further important to stay updated with the insurance updates online.
Here are some of the important definitions you need to know before searching for a health insurance plan.
This is the actual cost of your insurance plan. So higher the premium, higher is the cost you bear to avail insurance. And the higher you carry, lower will you have to pay for your medical bills in the entire year of coverage. Thus, when you look for student insurance quotes online, look for the ones that get you an affordable premium to bear.
The term deductible is used for the amount you pay out of your own pocket before the insurance company actually starts bearing your expenses. Thus, it determines the amount you will pay to the doctor or in the hospital. You basically pay it during the treatment. Considering the type of plan you opt, the payment of deductible amount takes place once in a year or once per a new condition.
Once Per Year
These are the deductibles that you pay at once for the entire year. You do not have to pay them again until you renew your plan for an additional year.
Once Per Condition
This is the deductible you pay every time you visit the doctor. An exception applies if you are going for a follow-up for the same problem.
Just like Deductible, this is the amount you pay yourself before the insurance company starts paying for your expenses. This is essential in comparison to the deductible or a coinsurance. It requires you to pay a specific fee amount for a particular visit.
This is the percentage of the amount that insurance will pay in order to cover your health cost. One calculates it after considering the deductibles and co-pays if any.
Example, if you hold an insurance policy that has 80% of coinsurance and a medical expense of $1000, then the insurance company will pay 80% of $1000, i.e., $800. Your share in the cost will be 20%, i.e., $200, assuming no co-pay or deductible applies to the plan.
The provider network, also termed as the in-network provider is a group of the health care providers who are in a direct contract with the insurance companies for giving health care services. The in-network providers help you save money since they take direct payments from the insurance companies. Thus, you may come across these terms when looking for student insurance quotes online.
Usual, Reasonable and Customary
Usual, Reasonable and Customary, URC, is the average cost of a specific treatment in a particular geographical area. It is the amount that the insurance companies use to determine the limit of how much will they be paying to cover your health care expenses. They declare the student insurance quotes accordingly.
If a provider charges $5000 for a specific process in Chicago, the insurance company will not consider paying $10,000 to the doctor for the same process. Instead, they will limit their amount to
Usual, Reasonable and Customary which is $5000.
This includes the illness or injury that a person may already have before buying an insurance plan. The student insurance quotes may vary base on the pre-existing conditions. Thus, it is imperative to check for the plan with an exact definition.
Repatriation of Remains
This covers the cost of returning the insurance policy holder’s body back to the home country if death takes place. It is a part of most of the insurance plans.
Emergency Medical Evacuation
Emergency Medical Evacuation covers the required transportation to the nearest medical facility. This may be in the home country or abroad.
This is the person who received insurance benefits if the policy holder passes away during the cover of the insurance plan.
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