For many, buying a health insurance plan for the first time in Illinois can often be confusing. However, understanding the major components makes comparing plans and their respective advantages easier. Green Family Insurance Inc. can provide a policy to meet your needs while also helping you understand the benefits you will receive.
Read the Summary of Benefits
A simple way to grasp what your policy provides is to read the summary of benefits. Although other areas of the policy offer more detail, this section provides the essentials in a brief format, such as premiums, deductibles, co-payments, co-insurance, and out-of-pocket maximums. This section also sheds light on what medical services are not covered.
Terms You Need to Know
Premiums are your monthly payments to the insurance carrier for your health plan. Deductibles are the amount you must pay out-of-pocket before your policy’s benefits come into effect. Generally, a plan with a higher deductible comes with lower premiums, and vice versa. Co-payments are a fixed amount you pay for doctor visits or prescription drugs and vary according to the service type. Co-insurance, on the other hand, is the percentage of the medical cost you must pay after meeting your deductible. Many policies have a 20% co-insurance rate, meaning your policy will cover the remaining 80%. Usually, you’ll also encounter a maximum annual cost, after which your insurance will fully cover expenses.
Let Green Family Insurance Inc., serving Illinois, help determine your health insurance needs. Contact us today for an appointment.
