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Learn the Number One Rule for High-Deductible Health Plans

health insurance documentsCoinsurance, deductibles, preventive care — let’s face it, health insurance is confusing. If you’re one of the many young adults who has a high-deductible health plan, there’s one rule to remember: make sure you understand the terms and conditions of your particular policy to avoid being surprised by bills.

We’ve put together this handy guide to health insurance terms with examples of how these terms apply to high-deductible policies. It’s always a good idea to ask a HR representative at your employer, or the insurance company itself, any specific questions you may have about your policy.

Premium

This is the amount you pay every month just to have health insurance. Much like a gym membership, you pay whether you use it or not. Premiums for high-deductible plans are typically less expensive than premiums for other types of plans; however, be prepared to pay more out of your own pocket for care.

Deductible

This is the amount you have to pay up-front for medical care before insurance kicks in. After you meet your deductible, your insurer starts paying a portion of your medical charges.

If you have a $1,500 deductible, you will have to pay for every doctor’s visit and test that’s not considered preventive care (see below) until you’ve paid a total of $1,500 during the year. The deductible starts over in the new year.

Coinsurance

Once your deductible has been met, you and your insurance company will both pay a portion of each bill. Many policies require the patient to pay 20 percent of the cost, while the insurance company pays 80 percent, provided you are using a doctor or facility that is is considered in network. If you select an out-of-network doctor, you will have to pay a higher portion of the bill.

In this scenario, if you’ve met your deductible, but then have an $800 Emergency Room visit for a minor injury like a sprain, you’ll owe $160.

Preventive Care

It’s less expensive to have diseases diagnosed early, when doctors can prevent complications. By law, all health insurance policies must cover certain preventive services. This includes immunizations and a number of screenings, including screenings for high blood pressure, depression, breast cancer, and cervical cancer. It also covers other tests for people with certain risk factors.

No matter how young you are or how healthy you feel, it’s a good idea to take advantage of these free preventive services. Many diseases, like high blood pressure, have no symptoms.

Affordable Routine Care

InstaCare offers convenient, quality care for routine illnesses and minor injuries with costs for each type of visit explained up front. You can also get wellness exams and immunizations at InstaCare.

With a flat fee for each type of visit, patients don’t have to worry about the confusion of deductibles and coinsurance. These fees are often less expensive than a visit to a traditional doctor’s office.

Not only does InstaCare take the confusion out of health bills, it also helps patients avoid the hassle of a long wait. You can reserve a spot for a same-day visit online, so you’ll have more time to finish up at the office, rest, or run errands. Reserve your spot for a same-day visit now.