When shopping for health insurance, it is easy to become overwhelmed by the many different terms and plan options. Understanding what the terminology means is the best way to equip yourself to purchase the best plan. At Maple Mountain Insurance Services, serving Mapleton, UT, we take the time to educate our clients and future clients on these important topics. Here are several important insurance terms that you should know.
The premium is one of the most important parts of your insurance cost. The premium is the amount you pay each month to be part of an insurance plan. Many people consider this the cornerstone of their insurance choices. The premium will most dramatically affect your monthly budgeting, as this will be a recurring expense each month.
When purchasing health insurance, the deductible is another important consideration. The deductible is the amount that you will be expected to pay out of pocket before your insurance benefits kick in. This amount will vary depending on the plan you choose. When choosing an insurance plan, it is important to consider the amount of medical care that you and your family need in an average year. This will help determine how much of a deductible is appropriate for you.
When considering your insurance plan, the co-payment is the third most important term to understand. Your co-payment will be an amount that you are expected to pay, upfront, before any medical service. This amount will vary depending on the type of plan you purchase. Considering the co-payment is important for budgeting purposes. Again, you should consider how much medical care your family uses in an average year.
Understanding health insurance terms is key to making the best possible health insurance choice for your family. If you would like to learn more about health insurance, please contact our friendly staff today at Maple Mountain Insurance Services, serving Mapleton, UT.