The cap on the total amount of benefits you can get from your insurance company is called ___________.
A. The deductible
B. A Health Savings Account
C. The lifetime limit
D. Your premium
Answer – C. The lifetime limit.
Lifetime limit can be defined as maximum amounts of the benefits that can be received by an individual from the health insurance companies over lifetime of the selected plan. The limit can be the dollar amount like 1 million dollars or it can also limit the overall time based on specific benefits like the gastric bypass within a lifetime. After an individual has reached the lifetime limit, the insurance company does not provide payment for the covered services. The insured person in this case will play the most important role in fulfilling remaining costs that are faced by the individuals. No specific lifetime limits related to the essential health-related benefits including hospital stays and the emergency services are implemented by the insurance companies. Insurance can be considered as a safety net that helps the insured individuals while they are recovering from different issues like theft, lawsuits and the car accidents. The insurance policies are received by individuals when they purchase insurance and this leads to the formation of the legal contract between the individuals and the insurance providers. When the individuals suffer losses which are covered by the insurance policies and they file the claims which play an important role in development of appropriate solutions to the issues. Insurance can be considered as an important financial tool that is helpful in reducing the financial issues being faced by the individuals during the time of a crisis. The reason behind rejection of the other options including “A. The deductible”, “B. A Health Savings Account” and “D. Your premium” is related to the lack of their ability of providing details regarding the cap of the total amount based on benefits that can be gained by the insurance company.
Leave a Reply