- Health Care, Drugs & Insurance
A Guide to Basic Health Insurance Costs
Health Insurance Cost
Health insurance is a vitally important topic. Most people will face at least one major health insurance problem during their lifetime. Proper health insurance can help make this problem easier to face. Unfortunately finding the right health insurance is often a difficult task. People must wade through all sorts of jargon during the process. Even if you are insured, you will still face the difficult task of finding the right health insurance plan to suit your needs. If you are uninsured, you might opt for a simple plan with a high deductible that covers your medical needs in case of an emergency. If you are have health insurance, you must make sure that the plan that you have will provide proper care if you get sick. You also need to make sure that you understand the ins and outs of each health insurance plan and the costs that you face monthly as well as if you get sick. This process is extremely important before you sign up for any health insurance plan.
Health Insurance Deductible
Many health insurance plans require people to pay what is known as a deductible. A deductible is a sum of money that you are required to pay before the health insurance carrier will make any payments for you. Health insurance deductibles vary greatly by plan. Some plans require you to thousands in advance before you have coverage. Other plans allow people to pay out a single small sum and then full coverage sets in. The kind of health insurance plan you choose should tell you well in advance what you can expect to pay each time. Some health insurance plans have a deductible that applies each year. Other health insurance companies have a deductible that may begin as little as every six months or as long as every eighteen months. You should have all information about your health care plan on the table before you sign anything.
A co-pay is a small sum of money that you may be charged for each and every single doctor's visit. The co-pay depends on the carrier in question. Some health insurance carriers charge as little as five dollars to see a doctor. Other health insurance companies may charge as much as twenty-five dollars or more. You should know this exact sum well in advance before you sign up. You should also know if the co-pay goes up. Your doctor will tell you what you are required to pay. A co-pay also applies to many medical purchases including pharmaceutical drugs. Some forms of federal health insurance such as medicare, also require people to pay co-pays for each time that you see a doctor. The amount of money charged should be in writing well before you sign up for a health insurance carrier.
Health Care Premiums
In addition to deductibles and co-pays, you will also be charged a health insurance premium. A premium is the amount of the health insurance payment. Premiums are charged in multiple ways. You might be charged a weekly, biweekly or monthly health insurance premium as well as premium each year. If you are given health insurance as part of your work benefits, the employer will very often assume part of the payment as well. Many employers let you pay for your health insurance as part of your paycheck. Some forms of health insurance premiums are tax-deductible. Find out if this applies to you. Your health insurance administrator or human resources person should know the answer to this question. Health insurance premiums may cost as little as $100 a month or thousands of dollars depending on the type of plan and the coverage offered. Again, make sure you get this in writing before you commit to a plan.