five health insurance terms you must know in ohio
DESCRIPTION
Five Health Insurance Terms You Must Know in OhioTRANSCRIPT
Getting to know the Lingo for insurance in Columbus, Cleveland, Cincinnati, Toledo, Dayton
and Akron.
5 Health Insurance Terms you should
know in Ohio
Toll Free: 1(877) 549-1212
www.onesourcebenefits.com
Advice: “Choose a lower premium/higher deductible
if you want to save money NOW, and a higher premium/lower deductible if you want to be more
financially prepared for unexpected medical expenses LATER.”
Premium: Once you have insurance you will have to pay what is called a premium. This is the cost of your health insurance. You can choose if you would like to pay weekly, monthly, bi-annually, or annually. After the plan is purchased the
premium is good for one year.
Toll Free: 1(877) 549-1212
www.onesourcebenefits.com
Note: Your copayment does not pay off any of your
deductible, and you have to continue to pay copayments
even after you have paid your out-of-pocket maximum.
CopaymentWhen you go to the doctors you may be required to pay a
certain amount of money upfront this amount is called your copayment or copay. The amount will vary depending on the plan you have, but you need to be aware that you will have to pay it both for office visits and brand name prescription
drugs.
Toll Free: 1(877) 549-1212
www.onesourcebenefits.com
Good to know: The higher your deductible, usually means
a lower monthly premium.
Deductible Depending on what plan you choose your deductible could vary anywhere between $500-$5,000 or above. A deductible is the amount of money you have to pay out of pocket for medical expenses before the insurance company starts
paying.
Toll Free: 1(877) 549-1212
www.onesourcebenefits.com
Note: The higher your coinsurance, the lower your monthly premium.
Coinsurance After you have met your out-of-pocket maximum there is still a
coinsurance that you may have to pay. The coinsurance is the percentage of the cost of medical bills and such that you are responsible for after the
deductible is met. Coinsurance is, like your deductible, something that varies per plan. With some plans your insurance company will pay 80% of the medical costs and you will be responsible for the remainder. In other
plans the insurance company will pay 70% and you will pay 30%.
Toll Free: 1(877) 549-1212
www.onesourcebenefits.com
Maximum Out- of- pocket Costs
After reaching your deductible, coinsurance, and copayment limit, the insurance company covers 100% of the rest of
your medical bills for that year.
Toll Free: 1(877) 549-1212
www.onesourcebenefits.com
