Here are some of the most important terms you should familiarize yourself with before you go insurance shopping.
Copayment - A fixed expense you must pay out-of-pocket before the health insurance provider will begin to cover you.
The amount varies by policy.
Coinsurance - Different from a copayment because the amount paid is a percentage of the medical costs rather than a fixed amount.
The proportion you pay is outlined in your policy.
Deductible - Amount you pay out-of-pocket; then the insurance company pays the rest.
Premium - Monthly payments to maintain insurance coverage.
Coverage Limits - Many plans cover up to a certain dollar amount, then you pay any further costs out-of-pocket.
Out-of-Pocket Maximums - There comes a point after you reach your coverage limits that the insurance company will pick up coverage again.
The maximum amount you are required to pay out-of-pocket is explained in your policy.
Exclusions - Services that are not covered by your health insurance policy.
The first obvious way to tell if a health insurance plan is right for you is if you can afford it.
Costs vary based on the amount of benefits provided, but different insurance companies will have varying rates for similar coverage as well.
Monthly premiums are directly impacted by coinsurance, deductibles, coverage limits, exclusions and more.
You must understand your benefits and sign up for a policy that covers certain things that you know you will need.
Some of these include eyeglasses, preventative care, prescription medications, mental health coverage, and immunizations.
These may or may not be covered under a single plan, so consider carefully before choosing one plan or another.
Many restrictions are placed on managed-care health insurance plans in the form of which doctors you can visit, your co-payments, deductibles and uncovered service.
Choosing the right plan is important, but choosing the best health insurance company is imperative as well.
Research some of the top companies in the nation like Aetna, Assurant, Blue Cross Blue Shield, Coventry, Humana, United Health Care, and more.
See what policies they offer and at what cost.
The easiest way to do this is to conduct your research online through an insurance-buying website.
An unbiased vantage point will be provided to you, which is imperative for making the best choice of a health insurance provider.
If you need assistance in locating particular coverages at a pre-determined price, we can help you find a reduce health insurance premium today.