Understanding Health Insurance
It can be hard understanding health insurance, especially with how most insurance companies structure it now. Instead of simplifying it for you, the customer, they try to muddy the waters so you don’t know what you’re getting. That’s why CashPay Health is different. We want the insurance buying process to be as simple as possible for you, which is why licensed health insurance agent, Anthony DeFelice, explains how insurance works to you, right from our very own office located in Fort Worth, TX.
Watch the video below or read up on the guide below to learn how health insurance as a whole works and how CashPay Health is different from traditional health insurance!
What Is A Premium?
A premium is the monthly amount you will pay for health insurance. Simply put, this is the amount that insurance is charging you to help cover costs in case you actually do need a claim. Nowadays, this number is ridiculously high and prohibitive to most people.
With CashPay Health, this number is usually 30-40% lower than almost all other health insurance policies you’ll find out there. For example, for an 28-year-old individual, the monthly premium is only $172.
What Is A Deductible?
A deductible is how much you have to pay towards qualified medical costs before your health insurance will kick in. Most health insurance policies will determine your deductible by how much you pay per month. If you have a high deductible, then your premium is probably low. If you have a low deductible, then your monthly premium will be higher than most.
With CashPay Health, there is no deductible. Instead, you have set benefits, which means you can only claim them a certain amount of times per year. While this can be tricky, if you’re generally healthy, then this is probably better for you than any other health insurance policy.
What Is A Co-Pay?
A co-pay is how much you have to pay along with your insurance when it comes to something routine like a doctor’s visit or prescription drugs. This is usually a set price that you’ll pay every time, but your insurance will usually pick up the rest no matter how much.
CashPay Health has no co-pays. Because we have set benefits, you can claim a certain amount of doctor’s visits or prescription drugs per year without having to pay a cent unless you go over the limit.
What Is Co-Insurance?
Co-insurance is like a co-pay, except that instead of a set price, it’s based on a set percentage. Most insurance policies set this up for the insurance agency to pay 80% and for you to 20%. What that means is that you’re on the hook for 20% of whatever service you need. While you may have a co-insurance max, that number is usually pretty high, so you can expect to pay more when you have co-insurance.
Just like co-pays, CashPay doesn’t have co-insurance. The only thing you’ll pay for when it comes to this is if you exceed your policy’s maximum limits.