Health Insurance

Health Insurance is a mystery to some, but at Insurance That Fits we think everyone should have some understanding of the policy they are buying.

Every policy regardless of the Insurance Company has the same three stages:  Deductible, Co-Insurance, and Out of Pocket Maximum.  There are other optional benefits your policy may or may not have such as Co-Payments.

 

Deductible

(You Pay)

You could have a deductible of $0, $5200 or anywhere in between.  The higher the deductible generally the lower the monthly premium.

Co-Insurance

(You and the Insurance both pay)

Co-Insurance is always a % (percentage).  It could be 80/20, 50/50, 70/30…what ever the policy stipulates.  You pay the lower percentage.

Out of Pocket Maximum

(They Pay)

Once you have reached your out of pocket maximum the insurance pays 100%.  Watch out for out of network billing.  You will have to pay extra for out of network services, etc.

#1 REASON TO HAVE HEALTH INSURANCE

Co-Pays

(payment at time of service)

– You may have a policy with a Co-Pay.  Co-pays are for doctor visits, prescriptions, and possibly the Emergency Room.  In general policies with co-pays will be more expensive than policies without co-pays.