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Detailed explanation-1: -A deductible is a fixed amount that a patient must pay each year before their health insurance benefits begin to cover the costs. Some plans have a separate deductible for prescription drugs or other services. With family plans, there are often two deductibles: for an individual, and for the whole family.

Detailed explanation-2: -The average American spends a considerable amount of money on healthcare each year. Premium increases, higher deductibles and copays, and soaring prescription drug prices result in spikes in healthcare costs.

Detailed explanation-3: -Hospital indemnity insurance is coverage you can add to your existing health insurance plan. This form of supplemental insurance pays you a predetermined benefit amount per day for each hospital confinement. The insurance company usually pays this daily benefit amount for up to a year.

Detailed explanation-4: -In medicine, the amount of money a patient pays for medical expenses that are not covered by a health insurance plan. Out-of-pocket costs include deductibles, coinsurance, copayments, and costs for non-covered healthcare services.

Detailed explanation-5: -Health insurance ensures that undergoing long term treatment does not throw a family into dire financial straits. By paying a small amount of premium to the insurer, you can take a cover under a comprehensive health insurance plan. This will shield your savings from sudden shocks of medical treatments.