It can be frustrating to try and decipher health insurance quotes. It’s understandable that most people aren’t insurance agents, and find it challenging to understand the medical insurance jargon. We are here to help. Call us when you’re shopping for medical insurance, so that we can get a basic feel for what you’re really looking for. Knowing what you’re looking at can go a long way towards ensuring that you get adequate coverage at an affordable price.
When most people think of the cost of medical insurance, they’re thinking of the premium. The premium is the monthly amount that you pay to the insurance company in order to keep your coverage active. If you stop paying your premium, your coverage will lapse, and you’ll be uninsured again. This is the most obvious cost associated with health care, and because it’s also to be paid on a regular basis, it typically has the greatest impact on your finances, as far as your cost for medical care is concerned.
But the premium is not the only money that you’ll need to pay for medical insurance coverage. Depending on the policy you have, you may also have to pay a deductible or a co-pay. A deductible is the amount of money you have to pay out of pocket in order to receive full coverage of your medical expenses. If your deductible is $500, you’ll have to pay up to $500 for medical care out of pocket. Any expenses you incur beyond that amount are covered by your policy. You may also have a co-pay, in which part of certain regular medical care, such as check-ups, is covered, and you only need to pay a small portion.
We can help you understand all of the costs associated with your medical insurance so you to make a more educated decision about what kind of policy you choose. There are different ways to distribute this cost balance. Some people prefer to pay a lower premium, so they accept a high deductible. Others are willing to pay a higher premium in order to get a lower deductible.