Shopping for health insurance can be difficult even for those who understand the system and have used health insurance for years. However, the right type of coverage is vitally important not only to ensuring you get the healthcare you need, but also to ensure you remain financially set moving forward. As you shop for policies that fit your unique needs, it’s quite important to focus on how much the policy will cost you. What you may not realize is that there are various components to health insurance policies.
Key Components That Make up How Much You'll Pay
Consider the costs associated with health insurance. These are the costs most plans require you to pay, but they can differ from one policy to the next.
The premium: This is the amount you will pay outright to purchase the policy. Most insurers have tiers of coverage, with the highest tier providing the most coverage at the highest cost. It's important for you to choose a tier that fits your needs and offers the right balance of coverage and cost to you.
In addition to the premium you pay, you will also pay out-of-pocket costs. These change significantly from one policy to the next, but they are always outlined fully on your summary of benefits and coverage. These may include:
- Deductible: The amount you pay before the insurance kicks in and begins paying for your costs. The higher the deductible, the lower your premium costs, but the more you have to pay for any health care. Deductibles are met on an annual basis and reset each year.
- Copay: This is the amount that you pay at the time of your visit. The plans that are a higher tier of coverage tend to offer the lowest copays.
- Coinsurance: Coinsurance is the percentage of the medical care cost you have to pay for. For example, if a policy covers 80 percent, you have to pay the remaining 20 percent.
Take a close look at any policy to determine which tier of coverage is right for you based on the services provided and the costs. Health insurance is a must for most families, but you still have plenty of control over your options.
Get the right coverage today. Call Loftis & Wetzel Corporation at (855) 360-0466 for more information on Oklahoma City health insurance.