Talk the Talk
Before diving into the registration process, you must know the right lingo. An understanding of the terminology of health insurance will help you weigh your coverage options and select the right plan.
Here is a breakdown of the top terms need to know.
- premium - The fixed monthly payment made to an insurance company to maintain coverage. You pay the premium amount, regardless of the received medical care
- Franchise -. The annual amount to be paid out -pocket before insurance coverage begins. For example, if your deductible is $ 2,500, your insurer will not pay for medical expenses covered until you have met your deductible $ 2500
General advice :. If saving money is a priority, seek a health plan with lower premiums and higher deductibles (keep in mind this will provide less protection for unexpected costs of health care). If you want more financial protection for medical expenses, looking for a plan with higher premiums and a low deductible
- Copayment -. or "copay" is a fixed amount amount (eg, $ 20) you might be required to pay in advance before receiving a service or prescription
- coinsurance -. a percentage of a single medical bill that you are responsible for payment. This is usually after you have met your deductible. For example, once you reach your deductible, you may be responsible for 30% of your medical expenses and your insurer would be responsible for paying 70%, until you meet your maximum out-of-pocket plan costs.
- Maximum Out of pocket costs - a specified cap the amount you may be required to pay for medical expenses in one year. Once you reach your maximum out-of-pocket limit plan, your insurance company pays 100% of covered services.
Go beyond the basic terms with our glossary health insurance.
Keep an eye on our blog, Twitter and Facebook pages of tips to help you navigate the enrollment process. And remember, GoHealth is there to help you. Our certified counselors can help you choose the right plan quickly and easily, and our service will cost you nothing.
0 Komentar