Health Insurance Costs
With so many health insurance plans available, it can be overwhelming to figure out which one is right for you. That’s why it’s important to take the time to learn the basics of health insurance costs. By doing so, you’ll not only be able to identify the type of plan that suits your needs, but you’ll also be able to find cost-assistance that can make it more affordable.
Our page can help you learn the essentials of health insurance costs.
So take the time to explore our page and become well-informed about your health insurance costs.
A premium is what you pay monthly, quarterly or yearly for your health insurance plan. Even if you don’t get medical care, you still pay the premium.
A deductible is how much you have to pay toward your health insurance costs before your health plan will begin to pay for covered services in a given year. For example, if your deductible is $2,000 for the year, you have to pay for the first $2,000 in medical services. Some plans will pay for certain costs, like preventive services, before you’ve met your deductible.
Coinsurance refers to the percentage of the bill you must pay after you’ve met your deductible. For example, if it costs $100 to see your doctor and your coinsurance is 20%, you are responsible for paying $20, while your health insurance plan pays $80. If you haven’t met your deductible, you will pay the entire $100.
When you see your doctors or other health care professionals, they’ll often ask you to pay a copay. This is a fixed dollar amount you’re responsible for paying each time you get care.
There is a limit for how much you will have to spend on your health care costs in a year. This is called the out-of-pocket maximum, or OOPM.
Your coinsurance, copay, deductible and other in-network essential health benefits MAY apply to the OOPM. Your premium does not count toward the OOPM.
How to Keep Cost Down?
One way to help keep your health insurance costs down is to use only doctors, hospitals and other health care professionals in your plan’s network. You do this by contacting member’s services on the back of your insurance card or visit your health insurance website.
If you go out of network, you might have to pay the entire bill. Your health insurance plan will reimburse you for sessions.
If you go out of network, you might have to pay the entire bill. Your health insurance plan will reimburse you for sessions.
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