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What Goes into Health Insurance Costs?

When it comes to covering yourself and your family with health insurance, a few key things play a role in the company and the product you select. You need health insurance that is comprehensive, provides you with coverage that fits your needs and gives you peace of mind. But, what is the cost? Many times, individuals purchasing health insurance do not take into consideration all of the costs associated with their plan. Exactly what will you need to pay when you see your doctor?

Breaking Down Your Costs

Health insurance costs range widely in terms of the dollar amount you will pay. These costs change for a variety of reason. Your age, your health, how many people are covering and the types and amounts of coverage you have all play a role in the bottom line cost of your policy.

From there, you also need to break down that cost further by the various stages of payments you will need to make.

– Premium: This is the annual cost or payment you will need to make in exchance for health insurance. In short, this is the price tag. If you are paying monthly or quarterly, this is the fee you are paying.

– Co-pay: A co-pay is the portion of the medical cost for the appointment or service you will pay at the time of receiving that service. For example, you may have to pay $50 for a visit to a specialist or $100 for an emergency room visit. These services tend to be payable at the time of receiving the service.

– Deductible: A deductible is the percentage of costs you will have to pay before your insurance kicks in to cover the rest of the cost. For example, your policy may have a $2,000 deductible. After that deductible is paid, the insurance kicks in to start paying for you.

In addition to these health insurance costs, you may have to pay a portion of your medical costs if you have an 80/20 plan. You may need to pay for medications and some types of tests. The good news is you can break down your costs easily by contacting your health insurance provider and asking for details.

Your health is our priority. Call Cosmo Insurance Agency at (732) 363-3888 for more information on a New Jersey health insurance policy.