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Understanding health insurance costs to make better decisions

published to July 28, 2016

When buying a car, the first thing you probably think about is the price, the monthly payment. But other expenses such as car insurance, gas and maintenance can affect your wallet. The total cost depends on which car you buy and the costs involved in owning the car.

So can health insurance. If you look only at your monthly payments, you may find that other expenses have a significant impact on your household budget.

total cost per year

It is useful to consider the total cost of health insurance for a year.

  • Insurance fee: What you pay your insurance company each month, or your “monthly payment”.
  • Deductible: The amount that must be paid before the insurance plan begins paying contributions. With a $900 deductible, you can pay for the first $900 yourself. The company will then start paying for it.
  • Out-of-pocket expenses and mutual aid: The amount (money or percentage of cost) you pay for medical care after your insurance company starts paying.

Note: All plans offer free preventive care (including child check-ups and immunizations, well-woman visits, etc.). Most plans also cover several services before the deductible is reached, such as discounts on medications, regular checkups, and services to manage conditions like asthma and diabetes. You can also take advantage of discounted prices from his network provider from day one.

The total annual health insurance premium depends on the degree of medical care used

  • If you don’t plan to use much care during the year, or if you have insurance primarily for protection against very high claims and preventative care, it’s probably best to consider primarily monthly premiums. maybe. The premiums you pay will be lower, but using long-term care insurance will cost you more.
  • If you plan to use regular care, or a lot of care, taller than Premium may be better overall. Plans with higher premiums usually have lower deductibles, copayments, coinsurance, and copayments. So even if your monthly payment is higher, it can save you money overall.

We can help you calculate your total medical expenses

  • you Preview plans and pricing You can purchase a plan and choose the level of care you think you’ll need for the year.
  • When you compare plans, you’ll see an ‘estimated total annual cost’ based on the level of care you expect, including premiums, deductibles, and co-insurance/co-insurance. Then you can compare the actual costs of health insurance side by side.

Get detailed information about total medical costs.

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