Plan Helper

ABCs of Health Insurance: Words to Know

Not really sure how a co-payment is different from co-insurance? Do you only “Kinda, sorta” understand deductibles? Health insurance has a language of its own and you want to be sure you’re choosing the right plan. Here, we’ll try to help you by explaining some of the most common terms you’ll see while you’re shopping for—and using—your insurance. Premium The amount you pay each month for your health insurance. You must pay your premium every month, whether or not you use health care services. The Health Connector will send you a bill for your premium each month. The premium will always be due by the 23rd of the month. Deductible The total amount you must pay in a plan year before your plan will pay for part or all of your services. Some services may not have a deductible. They may be free or just have a co-pay, even though you haven’t met the deductible yet. Co-pay A fixed price you pay when you get certain health care services. Not all services require a co-pay. Co-insurance If a health care service has co-insurance, you pay a percentage (part) of the cost for that service. Usually, you start to pay co-insurance after you meet your deductible. It is not a fixed cost like a co-pay. The amount you pay depends on the total cost of [...]

Wednesday, January 23rd, 2019|

Health Insurance Words to Know

Not really sure what an HMO really is? Do you only “Kinda, sorta” understand deductibles? Health insurance seems to have a language of its own and you want to be sure you’re choosing the right plan. Here, we’ll try to help you by explaining some of the most common terms you’ll see while you’re shopping for insurance. Co-insurance If a health care service has co-insurance, you pay a percentage (part) of the cost for that service. Usually, you start to pay co-insurance after you meet your deductible. It is not a fixed cost like a co-pay. The amount you pay depends on the total cost of the service. Co-pay A fixed price you pay when you get certain health care services. Not all services require a co-pay. Deductible The total amount you must pay in a plan year before your plan will pay for part or all of your services. Some services may not have a deductible. They may be free or just have a co-pay, even though you haven’t met the deductible yet. HMO HMO stands for Health Maintenance Organization. If you choose a plan that is an HMO, you must use in-network providers in order to get your services covered. If you go to an out-of-network provider, the plan won’t cover the cost of your care, except in an emergency. If you enroll in [...]

Monday, March 19th, 2018|