More Ways to Save on Health Insurance
June 1, 2009 by Jack
If you’re shopping for health insurance, it’s important to know common medical insurance terms and understand how they can affect your insurance premiums and the out-of-pocket expenses.
Health Insurance Deductibles
The most important thing to remember about insurance deductibles is that the higher the deductible, the lower your insurance premiums will be, BUT the higher your out-of-pocket expenses will be if you need medical care.
Health Insurance Co-Payments
An insurance co-payment is what you pay each time you visit the doctor. Some co-payments are as little as $10 or as high as $40 or more. If you have to make several doctor visits in a year, you may need to factor co-payments into your overall health insurance expenses.
Health Insurance Coinsurance
Coinsurance for a health plan is the percentage that you will pay for specific services, such as lab services, before the health insurance company pays for that service.
These are just a few of the ways that you can make insurance more affordable, but they aren’t appropriate for everyone. Make sure you take into account the needs of you and your family with every health insurance decision that you make.
