Insurance Maze Blog

Feb 1

Health Insurance Basics

Category: Health Insurance post

February 1, 2008

Health insurance doesn’t have to be so complicated if we know just a few health insurance terms. Hopefully, you have read the section Health Insurance: What Should We Look For In A Good Health Plan? and now we want to take a look at some common terms normally found in a health insurance policy.

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It is important to note here that the explanations of these health insurance terms is in very simple terms for informational purposes only. Insurance can vary somewhat depending on your state insurance laws and it can vary greatly by insurance company. All terms and conditions of your personal health insurance policy will apply.

Common Insurance Terms In a Health Insurance Policy:

It is important to understand that there are many different “health insurance plans” and “discount health plans” on the market today.

Discount Health Plans

These discount health plans are not health insurance. They are “fee-for-service” plans which allow a person to receive medical treatment at a discounted fee from a network medical provider.

Health Insurance Plans

These plans are true health insurance plans which offer the best insurance coverage, but at a much higher price or premium than the discounted plans.

Health insurance plans may include:

Indemnity Plans

Health indemnity plans offer limited coverage for certain types of medical treatment. Normally these indemnity plans pay a per day benefit for hospital confinement and may have other established benefits for certain medical treatment like surgery or ambulance fees. It is important to understand that these indemnity plans are not “major medical” insurance plans.

Mini-Med Plans

These health insurance plans typically provide more benefits than the indemnity plans, but they are limited in some areas of medical care. Mini-Med Plans provide health insurance coverage, but they are also not major medical insurance. These insurance plans are certainly better than no health insurance at all.

Major Medical Insurance Plans

Major medical insurance plans provide comprehensive healthcare coverage with adjustable deductibles, co-payments, co-insurance, out-of-pocket maximums and lifetime benefit maximums. Since the major medical plans provide the most health insurance coverage, they are also the most expensive.

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