• Premium - A premium is a pre-determined sum that you need to pay your health insurance company on a monthly basis. Premiums depend on a number of factors that include your age, present health condition etc. Premiums are generally lower for younger individuals and increase with age. To save money, choose a lower premium with higher deductibles.
• Copayment - Copayment is a fee you may need to pay upfront when you visit a provider or purchase a branded prescription drug. Your insurance provider will pay the balance amount.
• Deductible - Deductibles are your out-of-pocket expenses that you need to pay prior to the insurance company paying for any medical claims. Deductibles do not include premiums and copayments. To maintain a reasonable level, make sure your deductibles are less than 5% of your annual income.
• Coinsurance - Coinsurance is the balance amount you are required to pay after any deductibles.
Whatever plan you choose normally cover medical care which includes physician expenses, hospital expenses, surgical expenses, preventive care, prescriptions, maternity, emergency room services, pathology lab reports, emergency room services and more. Always make sure you check with your health insurance provider for the extent of your coverage.
Whatever plan you choose normally cover medical care which includes physician expenses, hospital expenses, surgical expenses, preventive care, prescriptions, maternity, emergency room services, pathology lab reports, emergency room services and more. Always make sure you check with your health insurance provider for the extent of your coverage.
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