Health Insurance: Need to Knows

Coinsurance and what it means:

Most people understand some of their costs when it comes to their insurance. Deductibles and premiums are pretty straight forward. Coinsurance, however, is a little more complex. Coinsurance is the amount you pay for what you have covered after your deductible is met. This means that once you pay your deductible, and you have a 20% coinsurance cost, your insurer will pay for 80% of the cost and you are responsible for the last 20%.



Out-of-pocket maximums:

Most Americans don’t understand how out-of-pocket maximum works. Out-of-pocket maximums is the maximum amount you’ll pay on your covered services. This means you won’t have any more copays or coinsurance costs. However, this only applies to things your insurer will pay for. If it isn’t covered, it won’t count towards the maximum. Paying your premiums also doesn’t count towards the maximum either.

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