There are three key elements that can substantially affect the cost of individual health insurance. These are the deductible, the coinsurance percentage and the co-pay benefit.
The deductible is the amount that the insured pays before they can receive the policy benefits. Of course higher deductibles will mean lower premiums’ but it will usually take longer to reach your deductible if you choose this type of plan.
Coinsurance is a percentage that you may be required to pay once you have paid the deductible. It can range anywhere from 50% to 0%. You will need to pay this percentage until you get to your annual “out of pocket limit”. Higher coinsurance percentages normally mean you will pay lower premiums.
Co-payments are what many are asked to pay at a doctor’s visit or when a prescription is filled. It is a flat amount that you pay at the time of service or when the medication is received.
Once you have paid your annual deductible and out-of-pocket limit, the co-pay is waived for the rest of the year. Usually the co-pay benefits are an optional feature since they have a big influence on the premium.
Each individual or family should consider their current health situation, need for prescription medication and frequency of doctor visits so they can get the plan that best fits their needs. An agent from http://nchealthcarecoverage.com will be glad to take the time to help you find the policy that best fits you and your family’s needs. Or if you prefer, you can call (800) 797-0327 to talk to a friendly agent 24/7.
If you or your family hardly ever has to see the doctor other than for an annual check up, a plan that has a higher deductible and coinsurance percentage without a co-pay benefit may substantially reduce your overall health care costs.