Health insurance covers medical expenses, including surgeries, prescription drugs, hospital care, preventative care, and more.
Health Insurance Basics
Health insurance is often an incredibly necessary resource for many individuals. You may purchase it privately or receive it through your employer or due to your age or health status.
In most cases, when you are covered by health insurance, your plan will cover a specified amount of the cost of your healthcare. For example, if you visit a doctor, your plan may cover all or some of the costs of the visit.
Important Health Insurance Terms
To better understand the cost of health insurance, you should be familiar with a few very important terms. One of the most frequent costs associated with a health insurance plan is your premium, a monthly fee you must pay for continued coverage.
Along with your premium, you must pay what is called a deductible. This is a charge that you must pay annually before the insurance provider pays their share of your medical costs. Both premiums and deductibles vary between plans and providers, some without a required deductible at all.
Both coinsurance and copayments are required under most health insurance plans. Both of these terms refer to the out-of-pocket fees required when you receive healthcare. For coinsurance, you pay a percentage of the cost, while your insurance provider covers the rest, i.e., you pay 20%, and the insurance company pays the remaining 80%.
Copayments, on the other hand, are a flat fee. So, if you receive healthcare and your plan has out-of-pocket costs, you would pay something like $20 for said care.
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Medicare Health Insurance
One of the best and most common forms of health insurance is Medicare. Under the Affordable Care Act, health insurance is available to anyone 65 and older or those with certain health conditions or disabilities. Check out any of our many articles on Medicare to learn more about this option.
Searching For Health Insurance But Don't Know Where to Start?
Health insurance may seem complicated, but it is an incredible resource if you find a good plan. With the help of World Financial Solutions, your health is in good hands. For more information, give us a call at 281-639-7787.