Introduction
When it comes to health care, there are lots of things to consider. You have to think about premiums, copays, coinsurance and deductibles. And then there’s the cost of prescriptions and other services you might need. Here is a breakdown of the costs you might incur with health insurance.
Copays
Copays are another form of cost sharing, and they’re usually a flat fee that must be paid at the time of service. For example, you might see a $30 copay for seeing your doctor or getting blood work done. Copays are typically lower than coinsurance and higher than deductibles, but since they are often covered by insurance plans (as opposed to coinsurance), they can feel like no cost at all to you–even if it’s not exactly free!
Premiums
The amount you pay for your health insurance is called the premium. It’s usually a set amount that you pay each month to your insurance company, but can vary based on the plan you choose.
Most people pay their premiums through automatic deductions from their paycheck or bank account (like with Social Security).
Coinsurance
Coinsurance is the percentage of a covered medical expense that you are responsible for, after your deductible is met. Coinsurance typically refers to a percentage of the total cost of the procedure or prescription.
Deductibles
Deductibles are the amount you have to pay before your health insurance starts to cover your medical expenses. They can vary depending on the plan you choose, but they’re generally higher for high-deductible health plans (HDHPs).
If you have an HDHP and meet a high deductible, it will be more expensive than other plans in which there is no deductible at all or one that’s lower than what’s required under federal law. However, these plans tend to charge lower monthly premiums because they don’t cover as many services up front — meaning that if something major happens while insured through an HDHP, it might be cheaper overall than being insured through another type of plan with lower out-of-pocket costs but higher premiums each month.
Prescription costs
Prescription costs can be high. If you’re insured, your insurance company may help cover the cost of your medications and medical supplies. You can also contact charities that provide assistance with prescription medications, such as the Patient Advocate Foundation or America’s Rx Hope Program.
If you aren’t insured or don’t have enough coverage for your prescriptions, there are still ways to get them at a lower price:
- Free or discounted medical supplies such as syringes and bandages – Call around local hospitals to see if they have any extra supplies that they could give away for free; some hospitals will even deliver these items directly to patients’ homes!
- Free or discounted medications – Many pharmaceutical companies offer programs where they’ll give out free samples of their products in exchange for feedback on how effective they were at treating certain ailments; if this sounds like something worth trying out (and it probably will), GoodRX for example!
Insuraway Can Help You Lower Your Healthcare Costs
Healthcare costs are a huge part of most people’s lives, and they can be difficult to understand. But by taking a deeper look at your own health insurance plan and comparing it with others, you can make sure that you’re getting the best deal possible on coverage.
