12/09/2022
Do You Know What Your Insurance Terms Mean? 📚..
There are SO MANY terms in the insurance world that, even if you aren't super savvy, will go a long way to helping you understand your coverage better!
Deductibles - This is the mandatory amount of money you pay on your plan BEFORE the insurance company starts paying for your bills. We like to find low deductibles for clients, that way if anything major happens your coverage starts as soon as possible!
Copays - Almost think of copays as a door-fee to get treatment. If you go to the doctor and pay a copay for your visit, but still need more treatment such as labs, imaging, or anything else, you will pay a separate bill for each test. 🏥
Coinsurance - This is the percentage of a bill that the insurance will pay AFTER you hit your deductible. Some of the full coverage options have coinsurance that range from 80% to 50%, depending on your plan!
Max Out of Pocket - This is marginally the most important part of any full coverage insurance plan, because if you have a catastrophic event, you want to make sure at some point the insurance company will cover you at 100%! This is also the maximum amount of money you will pay in a year for covered medical expenses.
Marketplace/ACA/Obamacare - These are called by different names but they are all the same thing. These plans are guaranteed issue, and provide low income individuals with tax credits toward their monthly payment if you qualify!
Contracted Rate/PPO Discount/Provider Discount - This one is sometimes confusing, because again there are a ton of different names for the same thing! This just means you get a discount if your doctors are in-network with your insurance company, and we always recommend finding providers in your area that are in network to keep your costs as low as possible!
If you have questions about your current coverage, or need help finding a new plan, feel free to reach out via call, text, email or by booking a Free Insurance Consult! (Link in Bio) ✨
