Healthcare Terms Worth Knowing
Posted on: September 11th, 2018 by Horizon Rehab Blogger
- Deductible: This the amount of money you will have to pay before your insurance actually kicks in. If you had a $1,500 deductible, you’d have to pay the full cost of your visits until you reached that annual number. Only after $1,500 would the health insurance kick in. The estimated cost of the visit would be due at the time of service.
- Co-insurance: This is the percentage of your medical costs that you are mandated to pay after you’ve reached your deductible. For example: if you had a deductible of $1,500 and then a co-insurance of 20%, that would mean you’re responsible for first paying that $1,500 and then 20% of all the bills you accrue for healthcare. This estimated cost of each visit would be due at the time of service.
- Co-payment: This is the flat fee that service providers charge based on the health plan. If a service is covered by insurance, you will only pay the co-payment amount, which frequently is much less than the actual cost of the service. An example would be a $40 co-pay for a visit to your primary care physician. This is due at the time of receiving service.
- In-Network Cost: This is the cost for you to see one of the doctors/therapists that take your particular insurance and therefore have prearranged agreements with the insurance company. There can also be a maximum in-network deductible.
- Out-of-Network Cost: This is the cost for you to see any doctor/therapist that is not in your healthcare plan. The costs for these tend to be greater and depending on your plan, can be the full cost of the service. There can also be a maximum out-of-network deductible, which is greater than the in-network.
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