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Health Insurance in Louisville, KY | Larry K. Swisher

Health Insurance | Louisville, KY

Why do I need Major Medical Insurance?

For individuals and families there's nothing like the peace of mind of knowing that your health and medical needs will be taken care of. Major Medical Insurance helps to provide that security.

Whether you are self-employed or your employer doesn't offer insurance, you don't need to worry. With access to many carriers and plans, we can help you find the insurance plan that's right for you and your budget.

What Is Major Medical Insurance?

Major Medical Insurance provides for regular and emergency medical needs; from regular doctor visits to hospital stays. There are several key terms that you should be familiar with when choosing an insurance policy.

PREMIUMS: Insurance Premiums are the monthly rates an individual pays for an insurance policy. The premium amount is influenced by a number of factors such as the medical condition of the insured, the deductible amount, the level of coverage, and total out-of-pocket amount.

DEDUCTIBLE: The deductible is the amount an individual pays out-of-pocket toward medical expenses before the insurance coverage begins in any given year. The lower the deducible amount, the higher the monthly premiums will be.

COVERAGE: The coverage is the percentage an insurance policy pays toward medical bills once the deductible has been met. For example, an insurance policy may cover 80% of medical expenses, leaving the individual responsible for only 20%. This is referred to as 80/20 coverage.

CO-PAY: The co-pay is the amount an individual pays up front at a doctor's visit, for prescriptions drugs, or for hospital stays.

OUT-OF-POCKET COSTS: Out-of-pocket costs include all medical expenses paid by the individual. (Note, some policies do not count co-pays toward the deductible) The deductible is reached when out-of-pocket costs reach the specified amount, at which time the insurance begins to pay a percentage of the medical costs.
Most policies include an annual out-of-pocket limit. After the deductible has been met, the individual will continue to pay a percentage of the medical costs out-of-pocket until this limit is met. At that time the insurance policy will begin to cover 100% of medical expenses within any given year. When a new year begins, all out-of-pocket amounts begin again at zero.

Your Agent

An experienced agent is someone who can help you choose from a variety policies. He can make recommendations of coverage, regardless of your health or other conditions. He represents a number of companies which offer products to meet the needs of most people.