If you are looking to purchase a new health insurance policy, the team at QuoteBroker Insurance Services, serving the greater Santa Clarita, CA area, can help you. One of the things that we strongly recommend is familiarizing yourself with financial terms that you may see on health insurance policies.
Knowing what these terms mean can make it easier for you to find the right policy for your needs:
Premium
Your premium is the amount you pay to carry health insurance. Some people pay this every month, while other people may pay the entire term of the policy, usually six or 12 months, up front. The premium is the cost simply to purchase your health insurance policy.
Deductible
The deductible is the amount that you have to pay before your policy kicks in and starts paying for coverage. For example, if you have a $1,000 deductible, you will need to pay your first $1,000worth of medical bills before the insurance company pays for the rest of the costs.
Co-Payment
Once you have met the terms of your deductible, you may have a co-payment. This is how much you will have to pay out of pocket for each doctor’s visit or for prescriptions. Co-pays are generally fairly low, usually ranging from around $20 to $50.
Out-Of-Pocket Maximum
The final term you should know is the out-of-pocket maximum. This is how much you may have to pay out-of-pocket. Once you reach this amount, all of your medical expenses up to your maximum policy limit amount will be covered and you will no longer need to pay anything out of your own pockets.
Get Health Insurance Today
When you are in the market for a new health insurance policy, look no further than QuoteBroker Insurance Services, serving the greater Santa Clarita, CA region. Our team can listen to what you want and need in a health insurance policy, and then get to work helping you to find the best policy for your needs. Reach out to us today to get started.
