Health insurance can be confusing because there are so many details, requirements, policies, and terms to understand. Fortunately, our team at Elite Benefits Group is here to make your health insurance journey more straightforward, whether you need to understand your own policy information, find a new policy, or parse unusual terminology.
Below, we’d like to go over a few key health insurance terms that you should know to make the best decision for you and your family.
- Premium: The premium is the amount that you pay each month for your health insurance, even if you haven’t used medical services. This helps ensure you have insurance coverage available when you need it.
- Deductible: This is the amount you will have to pay out of pocket before your insurance starts to pay.
- Copay: This is a fixed amount you will have to pay for specific health care services. This might look like paying $20 for a general doctor’s visit, for example. This amount due can vary depending on the medical service.
- Out-of-pocket max: This is the is the maximum amount you will have to pay for health care services that are covered by your insurance plan in one year. Once you have reached this maximum, your insurance will cover 100% of the covered health care costs for the rest of the year.
- Network: This is the group of health care providers like doctors and hospitals that have agreed to provide their services at discounted rates for your insurance plan. You will want to find in-network providers for your health care as often as possible for more affordable costs.
These are only a few key terms that can help you have a better understanding of health insurance. We are always happy to help in any way we can and address any questions or concerns you may have.