Health insurance seems simple, it is insurance that pays for your health care in exchange for a premium. The reality is a little more complicated. It is important to have a firm grasp of basic health insurance terminology. HBW Insurance Group serving the Catonsville, MD area is here to assist you.

Terminology

• Provider – this is the provider of the health care service either a health care professional or facility. These may be either a preferred or non-preferred provider. A preferred provider has a contract with your health insurance.
• Network – these are all the providers that are contracted to your health insurance to provide services.
• Co-payment – a fixed fee that you pay when seeking health services from your provider. It may vary depending on the type of health care service you need.
• Deductible – this is the amount that you as an individual have to pay for covered services before your health insurance plan begins to pay. Not all services have deductibles.
• Co-insurance – your share of the costs for a health care service that is covered.
• Allowed amount – this is the amount that your insurance will pay for the covered service. It may vary from provider to provider, with some charging the allowed amount, and others charging more.
• Out of pocket limit – this is how much you have to pay yourself before the health insurance cover starts to cover the allowed amount in full. There are certain exclusions.

Health insurance is a wonderful plan to have. It is important to work closely with your health insurance provider to create a specially curated policy for you and your family. HBW Insurance Group serving the Catonsville, MD area is on hand to assist you today. Get in touch with us and secure your health!