Health Insurance Cost - Insurances.net

Insurance Costs Consumers typically pay the following types of costs when purchasing insurance: y Premium: Premium is the amount a consumer pays for health insurance. The consumer and/or her employer typically makes this payment biweekly, monthly, quarterly, or annually. Premiums are paid regardless of the number of services a consumer uses. y Cost-sharing: Cost-sharing is the portion of the cost of covered services that the consumer must pay out-of-pocket. This term typically includes deductibles, coinsurance and copayments, or similar charges, but does not include premiums, remaining charges to out-of-network providers, or the cost of non-covered services. yeah. Cost sharing in Medicaid and children's health insurance programs also includes insurance premiums. y Deductible: The amount a consumer must pay for covered medical services before they begin paying for the plan. For example, if a consumer's deductible is $1,000, the plan will not pay anything until the consumer pays her $1,000 for covered medical services. A total deductible plan may also include separate deductibles that apply to specific services or groups of services. For example, your plan may have separate in-network and out-of-network deductibles. y Copay: A fixed amount (e.g., $20) that a consumer pays for covered medical services after paying the deductible. y Coinsurance: The percentage of the cost of covered medical services that the consumer pays after paying the deductible (e.g., his 15% of the cost of a prescription). 2020-8-6 12:59 

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