Frequently Asked Questions — Healthcare Coverage
What is a premium?
A premium is the monthly cost of keeping your policy in effect. Healthcare premiums are determined by a variety of factors, including your medical history, your lifestyle, and your current health status.
A premium is the monthly cost of keeping your policy in effect. Healthcare premiums are determined by a variety of factors, including your medical history, your lifestyle, and your current health status.
What is a deductible?
A deductible is an amount of medical expenses you are responsible for paying before you are covered. A common deductible is $500 — this means you would be responsible for paying the first $500 in medical bills before receiving coverage. Having a higher deductible usually means you enjoy lower monthly premiums.
A deductible is an amount of medical expenses you are responsible for paying before you are covered. A common deductible is $500 — this means you would be responsible for paying the first $500 in medical bills before receiving coverage. Having a higher deductible usually means you enjoy lower monthly premiums.
What is a co-payment?
A co-payment is a fixed-dollar amount that you are responsible for paying for a particular medical service. For example, many plans have $20 co-payments for doctor's visits. This means it only costs you $20 to see a doctor.
A co-payment is a fixed-dollar amount that you are responsible for paying for a particular medical service. For example, many plans have $20 co-payments for doctor's visits. This means it only costs you $20 to see a doctor.
What is coinsurance?
Coinsurance is an amount of the cost of a medical service that you are responsible for paying. Unlike a co-payment, which is a fixed-dollar amount, coinsurance is expressed as a percentage. For example, many health plans have 20% coinsurance for hospital costs — meaning you pay 20% of the total cost of a trip to the hospital.
Coinsurance is an amount of the cost of a medical service that you are responsible for paying. Unlike a co-payment, which is a fixed-dollar amount, coinsurance is expressed as a percentage. For example, many health plans have 20% coinsurance for hospital costs — meaning you pay 20% of the total cost of a trip to the hospital.
What's an out-of-pocket expense?
An out-of-pocket expense is any cost you have to pay yourself when receiving medical care. This includes your deductible, co-payments, and coinsurance. Most health policies have an annual maximum out-of-pocket expense. Once you've paid out enough money to meet that maximum, your healthcare company will pay the rest of your medical costs.
An out-of-pocket expense is any cost you have to pay yourself when receiving medical care. This includes your deductible, co-payments, and coinsurance. Most health policies have an annual maximum out-of-pocket expense. Once you've paid out enough money to meet that maximum, your healthcare company will pay the rest of your medical costs.
What is managed care?
Managed care is a form of health coverage that stresses preventive medicine and affordability. In a managed care plan, you typically choose a "Primary Care Physician" who is responsible for approving specialist and hospital care. Managed care was originally introduced as a way to control healthcare costs. It's now the most common form of health coverage in the United States. HMOs and PPOs are examples of managed care.
Managed care is a form of health coverage that stresses preventive medicine and affordability. In a managed care plan, you typically choose a "Primary Care Physician" who is responsible for approving specialist and hospital care. Managed care was originally introduced as a way to control healthcare costs. It's now the most common form of health coverage in the United States. HMOs and PPOs are examples of managed care.
What is a Health Savings Account?
Health Savings Accounts aren't health plans. Instead, they are a financial tool designed to help make your healthcare more affordable. The money you deposit in an HSA is tax-free. You don't pay taxes on qualified withdrawals either. In effect, it's like getting extra money from the government to pay for healthcare. To open an HSA, you first have to purchase a high deductible health plan.
Health Savings Accounts aren't health plans. Instead, they are a financial tool designed to help make your healthcare more affordable. The money you deposit in an HSA is tax-free. You don't pay taxes on qualified withdrawals either. In effect, it's like getting extra money from the government to pay for healthcare. To open an HSA, you first have to purchase a high deductible health plan.
Source from : agents.individualbusinessbuilder.com
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