Things You Should Know About You...

Things You Should Know About Your Insurance

Do you have any questions about your insurance? Not sure what different aspects of your policy mean? Hopefully, HealthCARE Express can help you to understand what it all means.  

What is a deductible?

This is the amount you pay for covered health care before your insurance plan starts to payout. For example, some plans may require you pay out the first $1,000 of the covered service yourself before the insurance company will start coverage. Deductibles often reset after a year. This amount also corresponds with how much your premium is.

What is coinsurance?

This is the percentage of costs you pay for a health care service after you have met your deductible. For example, if you have a 20% coinsurance you only pay that much of your medical bill. So, if you have a bill of $100 you will only pay $20.

What are premiums?

This is the amount you pay for your health insurance every month. If you have employer-provided insurance they may pay part, or all, of the premium.

What is a copay?

This is a fixed amount you pay for health care services after you’ve met your deductible. For example, you may pay $25 when visiting a primary care physician.

What is out-of-pocket maximum?

Also referred to as the “out-of-pocket limit.” This is the most you have to pay for covered services during the span of a covered year.  

What is a network?

A network is the group of providers and doctors who accept your insurance    

Do the providers, hospitals, and pharmacies you prefer fall within your network? Do you have to pay more for using out-of-network locations?

You should make sure the providers, hospitals, and pharmacies accept your insurance. If not, you may have to pay more for visiting them.

How much does your insurance cover for prescriptions?

You should check how much insurance covers your prescriptions. Some insurance providers cover more prescriptions than others.

Of course, every insurance policy is different, but this information stands true for all of them. Check your insurance to see what the rates that you need to pay are. Make sure to read the fine print of your insurance to avoid any potential pitfalls. Ensure that your insurance is a good fit for you and your family. Insurance that was good for you while you were single may not be as good for a family if you are recently married.