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"Nice to know
that I'll be well taken care of.
Thank you
Tom, for your
interest in my
physical welfare.
It is refreshing to know some
one cares about
something besides
making money.
God Bless you
and yours."
Leo Bors-
Phoenix, AZ
Call
800.547.1567
if you would like an agent to assist you
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Benefit Terms
- Beneficiary-1The person who will receive a benefit or entitlement.
2Persons you decide will receive money
from your life insurance policy
or other instrument when you die.
- Coinsurance-A percentage of your health-care costs that you pay.
You
generally have access to coinsurance after you pay your deductible.
Typically you would be responsible for 10-50 percent of the bill
until you
reached your out of pocket maximum.
- Deductible-The amount of money you are required to pay first
before
your health insurance plan starts paying.
- Out-of-pocket maximum-The plan will set a total amount you are
required to pay for health care costs in one year, at which point your
plan
will pay 100% of eligible costs. Your total out of pocket maximum
is the sum
of your deductible and your coinsurance maximum. Many
companies have two
separate buckets for in-network and out-of-network
maximums which must be
satisfied independently or have no
out-of-pocket maximum for out-of-network
charges.
- Copayment-The amount of money you may be asked to pay
for a
doctor's visit. Your copayment may be a set amount of a percentage of
the bill.
- Providers-Any health care provider or group of providers, such as
a
doctor, physician group, or hospital is call a provider.
- First dollar coverage-Many plans now have preventative care and
may
have other out-patient care covered before the deductible. You would
still be responsible for paying any copayment that applies.
- Office Visit-Seeing a physician or specialist without any
outpatient
procedures being performed. This could also be when your
physician
visits you.
- Generic-A drug in which the active ingredient is exactly the same
chemically as a brand
name drug, and usually lower in cost. Not all
generics are blended as finely
or evenly or may be mixed with different
inert ingredients which may affect
the body differently than the name
brand drug.
- Voluntary benefit-Benefits offered through an employer's plan but
not
paid for by the employer. Examples of voluntary benefits that are often
offered are dental, vision, supplemental accident and illness, cancer,
life,
and disability insurance.
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