Budgeting for expected health care costs can be tricky. However, with these helpful tips, you can better plan for your healthcare expenses, getting the most from your healthcare coverage.
- Review your explanation of benefits (EOB). An EOB is a detailed explanation of any treatments and services you have received, as well explains what the insurance company has paid on your behalf. By reviewing these, you can better understand if there are any errors and how much money you and your insurance company has paid as well.
- Know your deductible. Your deductible is the amount of money you are responsible for before your plan kicks in. Understand that if you have selected a large deductible, it could take time to reach your deductible. It is important to ensure your provider is submitting your treatments on your behalf, especially since by not applying every visit and treatment toward your deductible will cost you.
- Know your co-pays. Your co-pay is the set dollar amount that you are responsible to pay your medical provider when you receive treatment. For example, some people will have a $30 co-pay for visits with their primary care physician and a $50 co-pay when they visit a specialist. To better control your co-pay costs, be sure to visit your primary care physicians first, unless it is an emergency.
- Understand your co-insurance. Co-insurance is your share of covered services, typically ranging from 70 to 90 percent. The allowed amount is the reduced rate that the insurer pays your provider, with the remainder being your responsibility. For example, if the provider bills $800, and the insurer’s agreement allows $170, you owe the percentage of coinsurance on $170, not $800. It is important to know that once you have reached your deductible, your coinsurance no longer applies.
- Speak with your insurance agent. Be sure you are discussing any questions you may have in regards to your health insurance policy with your insurance agent. Not only can they help you to better understand, but they can save you time and money as well.
If you need help with your health insurance questions or needs, contact Brazelton Insurance Group today.