What is A Deductible?
Your plan’s deductible is the amount that you have pay with your money for the health care services that you need before you’re the company starts paying for you. This is the amount that you specify on your health care insurance policy when you first apply for health insurance. If you set a $300 deductible on your plan and you have a total bill of $500, the health care provider will only pay $200 as their share.
What are Copayment and Coinsurance Plans?
Basically, you either have a coinsurance or a copayment plan for your health insurance. If you chose a copayment plan, you have to pay a fee (copay) with money out of your own pocket for health services. The fee differs depending on the type of services that you want to avail and is set by your health insurance provider.
A coinsurance plan entails you to pay a percentage of the service cost after meeting your deductible. For example, if you have a 70/30 coinsurance plan and your doctor bills you $100 dollars for your procedure, you have to pay $30 and the company will pay the rest. However, if you have not reached the amount for your deductible, you have to pay the full amount.
What Do You Mean by Out-of-Pocket Maximum?
This is the maximum amount that you will pay with your own money for your health services within the policy period that usually lasts for a year. After reaching the out-of-pocket maximum amount stated on your policy, your provider will start paying for all covered health services.
What is the Best Health Insurance Plan to Choose?
Generally, what you have to remember is that the lower your deductible is, the higher amount you have pay for your premium and vice versa. If you are thinking of getting a plan, you need to take a look at your health and your financial standing. It’s all about the risk that you are willing to take. If you think you can afford paying higher premiums in exchange for 0 deductible, then you will have peace of mind that your services will be covered if something happens to you.
When it comes to your health, you only deserve the best. At Roper Insurance, we aim to make our client's life easier with policies that are tailored to their needs. You can get more information about our products and services by calling our agency at (828) 697-6709. Get your free quote today by CLICKING HERE.