You know that health insurance is really expensive but have you ever taken a moment to really understand what your health insurance net really costs you? You know how much your paying for your health insurance premium, so it’s easy to know when this cost increases, but what about all the other costs involved with health insurance? Before you’re hit with an excessively large medical bill take some time to understand what other costs there are besides just the premium.
Premium
The premium is the amount you’ll pay for the benefits covered under your health insurance plan. The premium is typically broken down into equal monthly payments.
The Deductible
If your health insurance policy includes an annual deductible, it’s important to understand the details. The deductible is the amount that you are responsible for paying before the insurance company begins paying anything. Just like most other types of insurance, the higher the deductible the lower your premiums will be.
The Co-Payment
A co-payment is a fixed dollar amount that you have to pay each time you use the plan. The co-payment amount differs based on the type of health insurance plan you have. Sometimes there are co-payments for prescriptions and doctor’s office visits.
Co-Insurance
Co-Insurance is the amount of your claim that you are responsible for paying once the deductible has been met. A very common plan would be 80/20 where the insurance company pays 80% of the claim and you pay 20%. In a PPO plan your percentage will usually increase if you go outside the network.
These are the things you’ve got to know when requesting quotes, especially online health insurance quotes. When you’re comparing quotes from different insurance companies, it’s important to know all your costs, not just the premium.
Now that you’ve done your research and compared prices based on comparable benefits you’re wondering
how to apply for health insurance. Whether you apply online or off will depend on your comfort level
