Understanding Health Insurance
Understanding health insurance can be tricky! As we approach open enrollment, it’s important to understand which type of plan will best suit you and your needs. For the sake of clarity, let’s start off by defining a few terms: Deductibles: Deductibles are the amount of money you have to pay toward your health care before your coverage kicks in. They can vary from a few hundred to thousands of dollars, depending on the policy. Some plans don’t actually have deductibles. Coinsurance: Once you meet your yearly deductible, your insurance company requires you to pay coinsurance until you meet your out-of-pocket limit. Once this is met, your insurance will pay 100% of the medical services included in your plan. Premiums: Premiums are the monthly fees associated with your insurance plan. Regardless of if you’ve met your deductible or out-of-pocket limit, you...
