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Medical Insurance Policy

By Jody Taylor

A Medical Insurance policy is a contract between an insurance company and an individual or a group which promises to pay for medical care reasonably required by the insured policy holder for treatment in case of any injury or illness. Even now a day's medical insurance policy is provided for disease like obesity.

If an individual has taken up a medical policy then he pays the premium according to a specific time frame as decided between the two groups. Usually, the policy takes care for the health & medical acre of an individual but if the premiums value is higher the insurance covers the family members also. In the case when the policy is taken by a group or an association, then all the individuals under the association receive the certificate of insurance. Some key points like payment of premiums, deductibles and co-pays are decided at the beginning and both the parties have to abide by these rules.

Searching a Medical Insurance Plan?

The terms in the policy may be hard to understand at times and the person may stand confused. So here is list of some terms commonly used up in an insurance plan:

Deductible-The deductible refers to the yearly amount of money that the insured would need to pay before any benefits from the health insurance policy can be used.

1. Co-insurance / Co-payments- This is the amount that would need to be paid by the insured before the insurance pays and in addition to the deductible.

2. Out-of- pocket- An out of pocket expense can refer to how much the co-payment, coinsurance, or deductible is.

3. Waiting Period- This is the time one would have to wait until certain health insurance overages are available.

4. Grace Period- This is the amount of time one has to pay their health insurance premium after the original due date and before insurance coverage would be canceled.

5. Lifetime Maximum-This is the most amount of money the health insurance policy will pay for the entire life. Pay attention to individual lifetime maximums and family lifetime maximums as they can be different.

6. Out-of-Pocket - This is the cost one would pay out of their own pocket. An out of pocket expense can refer to how much the co-payment, coinsurance, or deductible is.

Is Medical Insurance Necessary?

Man saves money for a better & safe future. But life is a string of surprises. A serious medical situation can strain one's pocket, thereby emptying all the lifetime savings. The best option to save oneself from this situation is to secure your future with the help of a medical insurance policy

About The Author
Jody Taylor, an associated as well as a contributing editor the

for distinct article sites/journals. Please feel free to visit the website for more information on Obesity, Weight Loss methods

diet pills exercise or any Fitness

related issues. Or write to him AT Any

comments and /or suggestions will be highly appreciated. Please note that this article is not a substitute for medical advice.


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