Five things you must know to understand the cost of your medical care.
Premium
The amount of money you pay to keep your health insurance plan active. You will pay this amount monthly for the entire year. Your health plan will remain active as long as you pay all of your monthly premium cost.
Co-Pays
The specified amount you pay for certain medical services. These services include doctors visits,pharmacy prescriptions,diagnostic testing, home care services and other services according to your insurance policy.
Deductible
The specified amount of money you will be responsible to pay before your insurance company starts paying. Your deductible will be met according to the amount of medical care you use during the year.
Co-Insurance
The amount of medical bill you will pay for specified services, after you meet your deductible.Your co-insurance cost is actually sharing the cost of your health care with your health insurance company.
Out of Pocket Maximum
The total cost you will pay before the insurance company pays all of your medical care for that year.
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