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Thursday, July 29, 2010 |
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Premium: The payment you owe the health insurance company for services rendered. Co-pay: A set fee you pay (on a PPO plan) to your doctor or for your prescription medications. Deductible:The amount that must be paid out of pocket before an insurer will cover any hospital medical expenses.
Co-Insurance: The amount you must pay after the deductible is met. Usually in percentage form with a maximum limit.
Co-Insurance Maximum: The total amount paid out of pocket per year for medical services. After you reach the maximum, your services will be covered at 100% for the remainder of the year. Co payments will still apply.
Preferred Provider Organization (PPO): A Health plan that makes contracts with many hospitals and physicians. You are offered a benefited price for services rendered from in-network providers. You may use out of network providers for a higher cost. This pertains to plans that have co-pays.
Health Savings Accounts (HSA): Paired with a Qualified High Deductible Plan (QHDP), these tax-free medical savings tools allow you to pay for medical expenses pre-tax. Plus, any unused dollars roll over to the following year without penalty.
Qualified High-deductible health plan (QHDP): A QHDP typically has lower premiums than a traditional health plan. These plans pay 100% of anything preventative without satisfying a deductible or a co payment. Plus, some qualified medical expenses go towards satisfying the deductible.
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| CAPbenefits - 13127 Rosedale Hill Avenue - Huntersville, NC 28078
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