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Sunday, February 20, 2011

Understanding Health Insurance Quotes

Looking for health insurance can be a little stressful for people that don't understand some of the policy lingo. Not having all the facts makes it harder for you to make an informed decision on what type of policy you want. In order to select the best health insurance quote, you need to learn what some of the terminology means.

The deductible will always be the amount you have to pay first, before the insurance company will start paying. The only exceptions to this rule are when you go to the doctor and pay a co-pay, or in some cases, where preventative health test are paid without having to dip into the deductible.

There are three main things that make a difference in what insurance quote you select and they are co-insurance, max benefits, and the premium. Quotes come with many different types of policies, but the three things above are prominent in all. They just change how they pay in different policies.

For example, one quote may show a policy that meets all your needs, yet it has high premiums. On top of that you would still have to pay 20% of the bill, up to your out-of-pocket max. But another policy may show a lower premium, but the deductible is higher. What you have to decide is how much out of your pocket can you afford to spend without creating a financial hardship.

A family in good health can usually go with a high deductible plan because they don't need health care very often. The high deductible doesn't bother them because they never had to pay it. This also lowers their premiums, yet they are still protected in case of a serious illness or accident.

You can get a health insurance quote online, by filling out a form, or by contacting an insurance agent. They will be glad to show you several options to choose from, and answer any questions you may have. Now that you know some of the terminology, and how it can affect your policy, you should be able to understand the quotes with a lot more clarity.

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