One of the perks of working a job that offers benefits is that you get the chance to sign up for health insurance. Regardless of whether the coverage begins your very first day of work or if there is a waiting period, it feels good to know that you managed to snag a position that does more than simply pay an hourly wage or salary. However, signing up for health insurance can sometimes be difficult. You're often given a stack of papers that includes the name of the carrier along with the prices that you'll be expected to pay for protection each month. Don't be swayed by an overly affordable monthly payment; use this information to learn more about the single most important factor to consider when choosing your plan.
Coinsurance Matters
If you look at each of the plans you were given you may find that some, if not all of them include coinsurance. This is the amount of money that you'll be expected to pay each time you make a claim. The percentage that is listed there is incredibly important because it can make all of the difference in the world if you ever need serious treatment.
Some people only pay attention to the co-pay or deductible amount when selecting their insurance plan. For example, there could be a plan that has a $10 co-pay for office visits and a deductible of only $50 dollars. This means that if you go in for an annual physical and the visit totals out at $150 dollars, you think you'll only have to pay a grand total of $60 dollars.
However, if this same plan has a coinsurance amount of 50 percent, it means that the visit will end up costing $135 dollars. This is because you have to pay half of the cost of the visit in coinsurance. Just imagine if more office visits become necessary: It can truly add up!
That's why it's important to aim for a plan that has a low coinsurance amount. The plan may have a slightly higher monthly charge but it could prove to be well worth it should you require an extensive treatment plan.
Conclusion
As you can see, selecting the right coverage is about more than just trying to save a little money on the front end. The next time you enroll in a health insurance program, be sure to pay close attention to the coinsurance amount so you can make the right choice.
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