Health insurance is not optional. It is a necessity. Without it, people tend to avoid taking important preventative care. To have a lifetime of good health, you need to get the care you need before any health issue you may have becomes a major problem. Choosing the right health insurance can be very stressful as you weigh one policy against another. Understanding a variety of insurance terms is important when making such a vital decision. At Right Choice Insurance and Taxes in Tucson, AZ, our experienced team is here to help you with this important choice.
Out of pocket maximum
This is usually listed as a dollar amount and is one of the most important figures you need to consider. This is the most you will be required to pay in any calendar year for your medical expenses. This includes copay, deductibles, and coinsurance. Basically, this is what keeps you from having to declare bankruptcy if you have a lengthy illness or serious accident.
The network is the healthcare professionals and institutions your insurance carrier has contracted to provide services at predetermined prices. Making sure your preferred providers are in the network is important.
A deductible is an amount you are required to pay out of pocket before your insurance starts to pay for services.
A copayment is your portion of the cost of any service that is provided to you. Copays are variable depending on the type of service you are receiving. You may pay a different copay for an office visit and an X-ray.
Coinsurance is your portion of a provided service, usually referred to as a percentage of the service’s negotiated cost.
Call or visit Right Choice Insurance and Taxes in Tucson, AZ for your health insurance needs.