When you are looking into the healthcare facilities insurance market to find the right plan for your company, it may get a little overwhelming when you see all of the terminology being used. To make sure you are getting some of the best insurance policies offered, here is a basic run-down of some of the jargon you may want to know.
One common word you may see is deductible. This is the amount of money that must be paid each year in order to cover your expenses. This will be paid first, and then when that limit is reached your insurance will start kicking in.
Another insurance term you may have noticed is exclusion or limitation. This is a situation that is not covered by your plan. It is important to be familiar with the exclusions before you decide to get a certain plan, because you may want to go with another policy that doesn’t exclude certain items.
Although this may not apply to your plan, working in healthcare you may have heard of Medicaid and Medicare. Medicaid provides health benefits to those in a low income bracket who cannot afford other commercial insurance, and Medicare is for individuals age 65 and over.
Understanding insurance jargon may make it easier to weed through the healthcare facilities insurance market and communicate more efficiently when making a claim. There are many more terms that you could learn about insurance.