Navigating the world of insurance can be a tall ask, but we’re here to help you understand just about everything you need to know to make sure you’ve got the coverage you can rely on when you need it most.
What is a Premium
Your premium is the regular payment that you make in order to keep your active health care plan. In general, your premium will correspond with your deductible. A high premium typically translates to a lower deductible, and vice versa.
What is a Deductible?
Your deductible is the amount of money that you’ll pay out-of-pocket before your health care plan kicks in. Essentially, this is the monetary threshold that you’ll need to meet in order for your health insurance provider to pick up the rest of the cost for the services you’ve received.
What is Coinsurance?
Have you ever seen the numbers 80/20 or 60/40 on a health care plan that you were inquiring into? These numbers are your coinsurance. What they signify is the percentage of the bill that you’ll pay for health care services that you receive after you meet your deductible.
For example, let’s say Tom has a $1,000 deductible and an 80/20 coinsurance plan. Once he’s reached his $1,000 deductible, he’ll only need to pay 20% of his health care costs from then on – his health insurance provider will cover the other 80%.
What is a Copay?
Copays are flat fees that you’ll receive for certain visits to healthcare providers. These are very commonplace in urgent care centers, which serve as valuable substitutes to costly emergency room visits.
Do keep in mind that you may have a copay to see your regular doctor. This is determined on a case-by-case basis depending upon your active health insurance plan.
When you’re ready to get the perfect plan for your health care needs, you can give our team of experts a call at (800) 822-8045!