What costs are included in health insurance plans?
a. Co-payments: with a co-payment, the insurance company agrees to pay for a service, but you must cover a pre-set cost, such as $20. This cost applied every time you schedule a service that has an assigned co-pay; co-pays can be higher or lower depending on the plan or according to the service provided. The affordable care act mandates that most routine preventative-care procedures be covered in full without a co-pay.
b. Deductibles: a deductible is the amount of money that you are required to pay before your insurance begins to cover services. Normally, you will either need to meet a deductible or pay a co-pay amount.
c. Coinsurance: Some policies might have co-insurance, which required you to pay a certain percentage of services rendered until you meet your out of pocket maximum. Your coinsurance may be an amount you pay in addition to your co-ay and may apply towards your deductible.
d. Monthly payments: You will pay a monthly amount each month to have the plan and keep it active.