- For Patients
- by Sara McFarland
Help Understanding Your Health Insurance
Your insurance plan probably has a few components to it that make up the final amount you’ll have to pay for medical procedures.
Your Deductible is the amount you have to pay before your insurance will help pay for anything. Usually, checkups and wellness visits are covered by your copay which is the flat amount you pay when you visit your doctor – typically around $20 – $40.
After you’ve paid your copay, your insurance splits the cost of your next chunk of bills with you in a scheme called coinsurance. In most plans, you could pay anywhere from 10% to 40% of any new medical bills while the insurance company covers the remaining amount. So for example, if you had already paid your deductible and then had another bill for $100, you’d be responsible for paying $20 (20%) of it and your insurance would cover $80 (80%) of it if your plan had 20% Coinsurance.
The total amount you have to pay in any given year is capped by something called the out-of-pocket maximum. Each dollar paid toward your deductible and coinsurance counts toward that total. So most people who have already spent some money during the year figure that if they get their procedure done before the end of the year, they’ll have to pay less out of pocket because they’ll hit their out-of-pocket max.
If you want to learn more you can read the article:
About Parasail Health
Parasail Health helps patients focus on their treatment rather than worry about payment by providing affordable monthly payment plans for their out-of-pocket medical expenses. With a simple application and approval process, patients and families can review offers from several lenders at once, select a plan that works and get back to focusing on what matters.