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PAL Finance Group, LLC

985 Amicks Ferry Rd
Chapin, SC 29036

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7 Top Health Insurance Terms You Should Know

Making Sense of Your Health Insurance

Your health insurance plan may not always be the easiest to understand. It can have a confusing language that may leave you wondering what you even have covered.

At PAL Finance Group LLC of Chapin, SC, we know it can be not very clear to understand all the life insurance terms. We have agents who can help walk you through your policy coverage to feel confident knowing all the details.

Understanding Key Terms

There are many different terms used in health insurance that describe the many different functions and actions of your policy. Here is a list of some standard words you may hear:

  • Insurance Copay – This is a fixed amount that is required at the time medical services are provided.
  • Deductible – Amount the insured must pay yearly before medical benefits can be accessed.
  • Lifetime Maximum – This is the complete amount that will be paid for a particular service.
  • Coordination of Medical Benefits – When two health insurance plans are used with four services.
  • Prior Authorization – Review and authorization for a particular specialist type of medical service. 
  • Employer Waiting Period – The time it takes to determine the eligibility of insurance by an employer for an employee.
  • Health Provider Networks – Predetermined service providers in a healthcare plan.

Your Trusted South Carolina Insurance Agents

Contact us at PAL Finance Group LLC of Chapin, SC to schedule an appointment to speak with one of our representatives about the ins and outs of your health insurance coverage. If you need health insurance or any other kind of coverage, we have a range of options we can discuss with you. We look forward to helping with your insurance needs.