Health insurance coverage 101 - the basics explained in two minutes

 Health insurance is designed to help you and your family cover the cost of your medical care including doctor visits and prescription medicine similar to car insurance if you're responsible for paying a specific amount for premium each month whether or not you use any medical services in return your insurer will pay a portion of your medical costs should you or a family member gets sick or injured should keep in mind that your plan will likely require you to pay a portion of the expenses using your own money these out-of-pocket costs may include my deductible co-payment and coinsurance amount of deductible is the amount you have to pay out of pocket before your plan will pay any expenses this can include both medical and Pharmacy expenses meaning the deductible must be met before getting coverage for some or all prescriptions so for example if your deductible is $1,000 your plan won't pay any of your health care costs until you paid $1,000 in expenses out of pocket once you've met your deductible you may still have to pay a certain amount out-of-pocket for services one time about a pocket cost is a co-payment or co-pay this is a flat fee that you must pay for specific health-related services such as a visit to the ER for an injury a trip to the doctor when you're sick for picking up a prescription from the pharmacy for some Services a prescription your insurance require a different kind of pocket expense called coinsurance coinsurance means you must pay a percentage of total costs rather than a fixed dollar amount for example medicine might require a 30% coinsurance on a $1,000 medicine you would have to pay $300 because coinsurance is a percentage in KY leave berry based on the cost of a service or product they can be difficult to predict a plan for all health insurance plans are different but make sure you're aware of what you may have to pay to see your doctor or access the medicines you need 

How do i choose the health care plan that is right for me ? 

Today's question how do I choose the healthcare insurance plan that's right for me the simple answer is to make the right decision you need to ask yourself the right questions to assess your needs ready but take a good look at yourself and let's get started first do you want basic coverage or more comprehensive coverage basic plans are designed to protect your finances in the event of a major illness or injury they have higher deductibles that's one monthly premiums or lower let's say our friend Gary who is usually very healthy has an unfortunate experience while ballooning over the Alps his basic plan would help by covering most of the major medical expenses incurred other plans start paying sooner because they have lower deductible but monthly premiums are higher there a good choice for people who expect to seek medical care more often how much can you spend balancing cost and coverage is the key find out the plans deductibles co-pays coinsurance percentages and the maximum out-of-pocket you have to pay for the year know what your money is buying are you single or married do you have children picking the right health insurance is a lot like buying a car is it to Cedar All You Need 4 wheel of and be a better choice on the road of life does anyone who'll be covered need prescription medication frequently it's so prescriptions are important to consider when making your plan choice is your doctor part of the plan to get the highest level of benefits and save the most money do you need to use doctors and Facilities their part of the plans Network so be like Berry check the plan's provider directory to see if your preferred doctors and hospitals are in it do you want easy access to Specialists for example Gary has back problems he chose a plan that allows him to go to the specialist Uncle George swears by you may prefer a different type of plan where you work with your doctor to get all the Care you need including Specialists it's your choice do you have other specific needs maybe you're on the road a lot if so you might want to plan that will cover you whether you were New York or New Mexico or maybe you need coverage for mental health or nursing care now's the time to think about it also consider that financial assistance is available to those in certain income ranges to pay for healthcare costs and insurance how can you find out more attend employee meetings about your plan talk to an agent go to seminars that are offered and use the insurance company's website as a resource to sum it up to choose the plan that's right for you ask yourself the question that will help you assess your needs think about the ways you use Healthcare the medical needs you can foresee and how you can balance cost and coverage so now you know until next time stay smart and stay healthyWell