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Five Health Insurance Terms You Must Know in Ohio

Five Health Insurance Terms You Must Know in Ohio

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Five Health Insurance Terms You Must Know in Ohio

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  1. www.onesourcebenefits.com Toll Free: 1(877) 549-1212

  2. 5 Health Insurance Terms you should know • in Ohio Getting to know the Lingo for insurance inColumbus, Cleveland, Cincinnati, Toledo, Dayton and Akron. www.onesourcebenefits.com Toll Free: 1(877) 549-1212

  3. Premium: • Once you have insurance you will have to pay what is called a premium. This is the cost of your health insurance. You can choose if you would like to pay weekly, monthly, bi-annually, or annually. After the plan is purchased the premium is good for one year. Advice: “Choose a lower premium/higher deductible if you want to save money NOW, and a higher premium/lower deductible if you want to be more financially prepared for unexpected medical expenses LATER.” www.onesourcebenefits.com Toll Free: 1(877) 549-1212

  4. Copayment • When you go to the doctors you may be required to pay a certain amount of money upfront this amount is called your copayment or copay. The amount will vary depending on the plan you have, but you need to be aware that you will have to pay it both for office visits and brand name prescription drugs. Note: Your copayment does not pay off any of your deductible, and you have to continue to pay copayments even after you have paid your out-of-pocket maximum. www.onesourcebenefits.com Toll Free: 1(877) 549-1212

  5. Deductible • Depending on what plan you choose your deductible could vary anywhere between $500-$5,000 or above. A deductible is the amount of money you have to pay out of pocket for medical expenses before the insurance company starts paying. Good to know: The higher your deductible, usually means a lower monthly premium. www.onesourcebenefits.com Toll Free: 1(877) 549-1212

  6. Coinsurance • After you have met your out-of-pocket maximum there is still a coinsurance that you may have to pay. The coinsurance is the percentage of the cost of medical bills and such that you are responsible for after the deductible is met. Coinsurance is, like your deductible, something that varies per plan. With some plans your insurance company will pay 80% of the medical costs and you will be responsible for the remainder. In other plans the insurance company will pay 70% and you will pay 30%. Note: The higher your coinsurance, the lower your monthly premium. www.onesourcebenefits.com Toll Free: 1(877) 549-1212

  7. Maximum Out- of- pocket Costs • After reaching your deductible, coinsurance, and copayment limit, the insurance company covers 100% of the rest of your medical bills for that year. www.onesourcebenefits.com Toll Free: 1(877) 549-1212

  8. Thank You www.onesourcebenefits.com Toll Free: 1 (877) 549-1212

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