Open Enrollment is right around the corner. Understanding plan features and overall annual expenditure is critical for your financial and physical health. We offer access to online tools not found elsewhere, to help you determine the best plan for their needs based estimated yearly expenses, not just monthly premium. Still, here are some basics you should be aware of before you start looking for a new health plan:
- Deductible: The amount you must pay out-of-pocket for your healthcare before your insurance company begins to kick in for covered healthcare services. Choosing a high-deductible plan will make this upfront expense greater. Make sure you can afford your deductible so you don’t delay putting off needed care throughout the year.
- Premium: The fixed amount of money paid on a regular basis (usually once a month) directly to the insurance company. This is the payment that can be reduced if you are eligible for tax credits.
- Coinsurance: This is when both you and your insurer pay a portion of the claim. Coinsurance kicks in once the annual deductible has been met. Or, if the plan does not include a deductible, the coinsurance rate starts on dollar one of medical spending.
- Copay: This is a fixed payment you are responsible for at the time of service for a doctor’s visit, a prescription, or other medical service.
- Provider Network: A list of doctors, facilities, and other healthcare services that have an agreement with the insurance company to provide services at a certain cost. “In-network” doctors will be covered at higher levels than “out-of-network” doctors, who may not be covered at all. Make sure your preferred physicians are considered in-network before enrolling in a plan.
Have questions? No problem. Give us a call at (866) 602-8466. We’re here to help.