Making Sense of Fortis Health Insurance Terminology

You might be forgiven for thinking that you can just surf the Web and buy the first Fortis health insurance policy that you come across. However, you will soon realize that buying a policy is not a joke. Before you even begin to think about your requirements and before you start reading the fine print, you will see that you are inundated with terminology and phrases. It is critical for you to understand these terms, without which you won't be able to fathom what you are getting into. However, if you are up to scratch with the lingo then you might be able to make a wise choice of your Fortis health insurance policy. Here is a quick look at some phrases and terms that you might come across.

Fortis Health Insurance Capitation

Each person who is covered under a Fortis health insurance scheme pays a pre-determined amount every month to the medical health care concern. This is known as a capitation and it has to be paid, regardless of the service you may have taken from them or other expenses you may have to pay.

Fortis Health Insurance Co-payment

This is like a cost-sharing agreement between you and your Fortis health insurance company. If you agree to co-pay then you have to pay a percent or a fixed amount of the medical costs. Your insurance company will pay the rest and will also reduce the amount of premiums. Normally, young people with good health prefer co-payment because it helps reduce premium amounts.

Fortis Health Insurance and Cobra

Cobra stands for Consolidated Omnibus Budget Reconciliation Act of 1985. In the purview of this Act, any company which employs more than 20 people must offer some sort of an insurance cover for each employee and their families. Cobra coverage is extended to you for 18 months even if you leave your job. Cobra is also valid if you are part of a group of more than 20 people and all of you together take a Fortis health insurance policy.

Medical Savings Account or MSA

As the name suggests, this Fortis health insurance plan allows to save money. You can avail of tax benefits for the premiums you pay in this scheme and any amount of money that you earn is free of tax. This is a long term policy which extends for many years and it will cover only certain types of expenses, so do check the fine print of the agreement carefully and consult your agent before opting for such a policy.

Remember, your medical plan is not something that you can buy in a hurry. Be careful and avoid making hasty decisions before you buy yourself a Fortis health insurance plan.