What is health Insurance?

A health insurance policy is a legal contract between an insurance company and the owner of the policy. Generally, the contract is limited in term, requires a payment by the policyholder to the insurance company (premiums), and details various conditions under which the insurance company will be responsible for the costs of medical care of the policyholder and possibly his or her family.

Health insurance is also known as a "living benefit". That's because, unlike life insurance, you'll receive the money while you're alive.

First, you'll have to satisfy an annual deductible before insurance even kicks in. It could be anywhere from a few hundred dollars to several thousand, depending on what type of plan you have.
 
After you've met your deductible, you'll still owe a portion of each bill. With a co-payment, you'll pay a flat fee for each bill, depending on the type of service. With co-insurance, you'll owe a percentage of the total bill, often 20% or more depending on your plan and the type of care. If the provider you choose charges unusually high prices, your share may be considerably higher.

That's because your insurer will base its 80% share on the "usual and customary" price for the service in your area, not on the actual bill.
 
Under the new rules laid out by the Affordable Care Act, all plans must cover preventative care at 100%.

Health Insurance quotes: Compare rates or review your plan: www.MintcoFinancial.com

 Call 813 964 7100 if you want to speak to a health insurance agent.