Overview
Health insurance is a vital tool that helps individuals manage the costs of medical care. It provides financial protection against high medical expenses and ensures access to necessary healthcare services. Understanding key terms like premiums, deductibles, and copayments is essential for making inf...
Key Terms
Example: You pay a premium of $200 each month for your health insurance.
Example: If your deductible is $1,000, you must pay that amount before coverage kicks in.
Example: You pay a $20 copayment for each visit to your primary care doctor.
Example: If your coinsurance is 20%, you pay 20% of the bill after your deductible.
Example: Visiting an in-network doctor usually costs less than going out-of-network.
Example: Using an out-of-network provider may result in higher costs.