23147 Ventura Blvd. Suite 210
Woodland Hills, CA 91364
Phone: (818) 836-6060
Monday - Friday 8.00 am - 5.00 pm

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Insurance Dictionary

Premium

The amount the policy-holder pays to the health plan each month to purchase health coverage.

Deductible

The amount that the policy-holder must pay out-of-pocket before the health plan pays its share. For example, a policy-holder might have to pay a $500 deductible per year, before any of their health care is covered by the health plan. It may take several doctor's visits or prescription refills before the policy-holder reaches the deductible and the health plan starts to pay for care.

Copayment

The amount that the policy-holder must pay out of pocket before the health plan pays for a particular visit or service. For example, a policy-holder might pay a $45 copayment for a doctor's visit, or to obtain a prescription. A copayment must be paid each time a particular service is obtained.

Coinsurance

Instead of paying a fixed amount up front (a copayment), the policy-holder must pay a percentage of the total cost. For example, the member might have to pay 20% of the cost of a surgery, while the health plan pays the other 80%. Because there is no upper limit on coinsurance, the policy-holder can end up owing very little, or a significant amount, depending on the actual costs of the services they obtain.

Exclusions

Not all services are covered. The policy-holder is generally expected to pay the full cost of non-covered services out of their own pocket.

Coverage Limits

Some health plans only pay for health care up to a certain dollar amount. The policy-holder may be expected to pay any charges in excess of the health plan's maximum payment for a specific service. In addition, some plans have annual or lifetime coverage maximums. In these cases, the health plan will stop payment when they reach the benefit maximum and the policy-holder must pay all remaining costs.

Maximum Out-Of-Pocket

Similar to coverage limits, except that in this case, the member's payment obligation ends when they reach the out-of-pocket maximum, and the health plan pays all further covered costs. Out-of-pocket maximums can be limited to a specific benefit category (such as prescription drugs) or can apply to all coverage provided during a specific benefit year.

In-Network Provider

A health care provider on a list of providers preselected by the insurer. The insurer will offer discounted coinsurance or copayments, or additional benefits, to a plan member to see an in-network provider. Generally, providers in network are providers who have a contract with the insurer to accept rates further discounted from the "usual and customary" charges the insurer pays to out-of-network providers.

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Earned Income TAX Credit

 

About usPourmehr Insurance Services

We are a multi-line agency offering competitive commercial and personal coverage through top-rated insurance companies. Our firm is staffed by proven professionals committed to providing our clients with highly personalized service.

Our objective is simple: To identify and minimize our clients' exposure to risk. We accomplish this with emphasis on quality coverage, competitive premiums, and overall simplification of insurance matters.

Our approach is direct: To analyze our clients' complete insurance needs, design a responsible protection program, and place the coverage through the insurance company offering the most cost effective protection for each situation.

Income Tax Credit

Earned Income Tax Credit

You can visit IRS Website or contact your accountant.

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Contact Us

Pourmehr Insurance Services Inc.
23147 Ventura Blvd. Suite 210
Woodland Hills, CA 91364

Phone: (818) 836-6060
Email: info@pourmehrinsurance.com
Monday - Friday 8.00 am - 5.00 pm

 

Call us for Saturday and Sunday appointments.

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Peter Pourmehr with over 36 years of experience in the insurance industry, he has helped thousands of clients to find the right insurance coverage with the best available price.

Living Trust

Creating a "living trust" is a very effective way to insure that property and assets owned by the decedent are transferred to his or her heirs according to the decedent's wishes. Having a living trust helps to protect individual and family privacy because the terms of a living trust are not disclosed to the public unlike a Will. Additionally, living trusts most often don't go through the probate court system.
Setting up a living trust allows for quick distribution of property and assets, where as those that go through the probate process can take months or even years to distribute. There are often a number of tax benefits to having a living trust, especially for those with a large number of assets.

Health Insurance

A health insurance policy is a contract between an insurance company and an individual. The contract can be renewable annually or monthly. The type and amount of health care costs that will be covered by the health plan are specified in advance, in the member contract or Evidence of Coverage booklet. The individual policy-holder's payment obligations may take several forms.

Life insurance

Life insurance is a contract between an insured (insurance policy holder) and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") in exchange for a premium, upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum. Other expenses (such as funeral expenses) are also sometimes included in the benefits.

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Medicare Supplements

In general, all persons 65 years of age or older who have been legal residents of the United States for at least 5 years are eligible for Medicare. People with disabilities under 65 may also be eligible if they receive Social Security Disability Insurance (SSDI) benefits. Specific medical conditions may also help people become eligible to enroll in Medicare.

People qualify for Medicare coverage, and Medicare Part A premiums are entirely waived, if certain circumstances apply.

Please call us if you need any assistance.