What is the best health insurance plan for you?October 28, 2015
This article is a reprint of an email article from EHEALTHINSURANCE. COM
They can be found at the following address: https://compare.ehealthinsurance.com/renew/nonffm
What is the best plan for your needs?
FIND YOUR METAL LEVEL
WHAT IS A DEDUCTIBLE?
A deductible is the amount of money that you must pay, usually within a plan year, before the insurance company will start to assist with your medical bills. You’ll want to take into account the deductible when choosing a plan, especially if you know you have an upcoming surgery or other significant medical expense that will make your deductible important.
WHAT IS COINSURANCE?
This is a cost-sharing requirement you’re responsible for paying separate from your deductible. It’s usually defined as a percentage of your medical expenses that you (and not the insurance company) is responsible for paying when you use medical services. This is important to consider when shopping because it can significantly affect how much you pay for a medical visit and or other services.
WHAT IS AN OUT-OF-POCKET MAXIMUM?
All major medical health insurance plans cannot have an out-of-pocket maximum larger than $6,850 in 2016 on individual plans and $13,200 for a family plan. Once your deductible is met, then you’re only responsible for the coinsurance percentage until the out-of-pocket maximum is reached. Once the out-of-pocket maximum is reached for a year, your plan generally pays for all further covered health care expenses that year. Like a deductible, you’ll want to make sure that you can afford the out-of-pocket maximum, especially if you intend to use your benefits often.