How Much Does Health Insurance Cost?
TFC Title Loans has helped customers in covering unexpected medical costs because of deductibles that were too high. We want to help you be prepared when getting new health insurance by educating you on all the information about health insurance. We don’t want you to stress on the amount that health insurance costs without being sure that you’re getting the best offer you and your health needs.
If this is your first encounter with health insurance, it’s important to know all your terms before you invest into a plan you may not understand.
Coinsurance: The percentage of medical and prescription costs that you pay out of pocket.
Copay: A fixed money amount you pay for medical services or prescriptions.
Deductible: The amount you pay before your insurance plan pays for the benefits.
Premium: The amount your insurance costs per month.
Maximum out-of-pocket: This is the most money you’ll pay toward any covered expenses (the combination of deductible, copay, and coinsurance). Once you reach this maximum, your insurance pays the remainder of your costs for the year.
Lifestyle to Insurance Premiums
In order to determine how much your health insurance will cost, you have to think about all the determining factors. Insurance companies could base your premiums off of your age, where you live, the type of plan, if you use tobacco, and if it’s going to be just for you or your family.
For example, people who use tobacco can be charged 50% more than those who don’t. If you want the cheapest option, then consider your daily life decisions. It’s based on the type of risk you appear to be to the company.
Types of Plans
Every insurance company has different plans based on a medal categorization. Each category is based on the deductible amount to the premium cost. Reflect on the type of health you have and how many doctor visits or hospital trips you typically make in a year.
The bronze plans are for people who don’t use a lot of health services in one year. This means that while your premium may be lower, the deductible you have is going to be a lot higher.
This plan is better if you qualify for subsidies and, depending on your income, you may be paying a lower deductible and lower maximum out-of-pocket.
If you regularly use health services or have medications that you need to take on a regular basis, the gold plan will be better for you. The premium may be a little higher than the bronze level, but you will have a lower deductible and a better copay.
This plan is for people who are constantly using different health service, maybe because of a health dilemma that they have to handle. If you have many hospital visits, medical tests, treatments, medications, and doctor visits, consider getting a platinum plan.
HMO vs. PPO
When choosing a plan, you’ll have to choose whether you want HMO or PPO. The difference between these two options is the network they allow you to see.
For HMO, the premiums are typically lower than PPO, but their deductibles are zero or very low. The only problem that some people have with HMO is that it only covers a specific network of doctors and physicians. Before going to any doctors, you have to double check your plan to make sure they are covered in your network. You may also need a special referral to have any specific tests done.
In a PPO plan, they have a more flexible network. Most of the time, you can see anyone you want. PPO does have their own network, which has lower costs for you than seeing just anyone. If you do see someone outside of the network, you’ll still be covered. You also don’t need a referral to see any specialist that you need, and you can just go to them with your insurance. This does mean that, for PPO, your premiums will be higher and they will also have a higher deductible.
For a side-by-side example: the average monthly cost for PPO plans is $548 a month while HMO is $518.
TFC Car Title Loans
If you have a sudden medical expense that you need to pay, let TFC Title Loans help you! By using the title on your car as collateral, we can get you the funds you need to pay your bills in as little as one business day. The best part is you continue driving your car as you pay off your loan. All you need to do is fill out the online application or give us a call. Don’t let the stress of medical expenses weigh you down.