Health insurance has its own language that can be challenging for new policyholders to understand when choosing a policy. Defining the terminology will help make the selection process move more smoothly. The staff at Kalare Tech, serving New Windsor, NY, can assist with helping you speak health insurance.
Health Insurance Marketplace
A health insurance marketplace is an online service that enables individuals and families to compare various coverage plans and enroll in a policy that fits their needs and budget. It allows for comparing multiple insurance polices based on the benefits received and which local health providers are part of the network. You want to make sure you are receiving coverage for hospitalization, emergency services, prescription drugs, and preventative care treatments.
Deductible
A deductible is the cost you are responsible for the medical care provided before your health insurance policy takes care of the remaining total. It is a standard provision on most insurance policies, including auto and homeowners. The hope is to help equalize the risk between the policyholder and the insurance provider. When choosing a plan, you will have the option to select a higher deductible that lowers your monthly premium cost.
Copay
A copay is a flat fee for a doctor’s appointment or to fill a prescription at the pharmacy, as determined by your health insurance plan.
It is a form of cost-sharing that encourages policyholders to use in-network health providers instead of out-of-network providers. Usually, the amount is defined in the terms of your health insurance agreement. A copay is required for a wide range of medical services, such as doctor’s visits, emergency room care, and lab tests.
Choosing a health insurance plan can be a complicated process. If you are having trouble understanding the terminology associated with each policy coverage option available. Our dedicated staff can assist in selecting the right insurance plan that meets the needs of you and your family. Call us here at Kalare Tech, serving New Windsor, NY, today.
