Understanding Insurance Coverage

ayou@insurewithyou.com

Jun 16, 2020

Out-of-Pocket Costs

Even with insurance coverage, individuals may still incur out-of-pocket costs such as copayments, coinsurance, or deductibles. Understanding these costs upfront can help individuals budget effectively for upcoming payments.

Understanding Policy Terms and Coverage

Insurance policies contain terms and conditions that outline the scope of coverage, exclusions, deductibles, and limits. It’s essential to review your policy documents carefully and understand key terms such as deductibles, premiums, coverage limits, and exclusions.

What Is a Deductible?

The amount the policyholder must pay out-of-pocket before the insurance company starts paying for covered losses.

What Is  a Premium?

The cost of insurance is paid by the policyholder, typically on a monthly or annual basis.

Published On: March 26th, 2024 / Categories: Blog, Insurance Facts /