So you have this great new Health Insurance quote with a low deductible, low monthly premium and it has your doctors in the network. What’s not to love about this new health insurance plan?? Well if you are not careful your deductible and coinsurance may not be what you think it is. If you have your spouse or spouse and children on your policy your deductible may be doubled. Especially many of the HSA plans today double your deductible per person when you have a two person or family Health Insurance plan. Another part that can be confusing is office visit coverage. Your quote may show that you have office visit coverage but many times you will have coverage for office visits only AFTER you meet your deductible. So be careful when you look at your new health insurance quote or when selecting your new Group Health Insurance plan at work. Look at the wording of your deductible. It will state deductible per person or it will state a higher deductible (usually double the single deductible) for two or more people. It should show it on the quote but at times it isn’t always obvious. Now in addition to your deductible another thing to review is your coinsurance and out of pocket maximum. Many times people think that once they meet their deductible the health insurance company will pay for 100% of their medical bills for the rest of the year. This is usually not the case unless you have a 100% coinsurance plan. Look at your Health Insurance quote and look under coinsurance. It will usually show 70%, 80% or 100%. This percentage is the percent of the medical bills the insurance company will pay AFTER you meet your deductible. The rest of the bill is up to you to pay. Now if you look next to the coinsurance limit on your health insurance quote it shows the coinsurance limit which you have to meet before your health insurance starts paying 100%. This is another area of confusion. Many people think that amount is their max out of pocket INCLUDING their deductible. This isn’t always true. Some companies will list the true out of pocket including your deductible but often times it will just list the coinsurance maximum. Confused yet? Health Insurance isn’t the most straight forward insurance product which is why there are always good agents to talk to and help get you the best coverage and explain how the coverage works. As always if you don’t have a good agent, please give us a call.
You can call Bryan Cranson Cranson Insurance Agency, Northville, Michigan at (248) 581-0331 or (888) 581-0331. Email us at bryan@cransoninsurance.com or visit us on the web at www.cransoninsurance.com
For a Northville, Novi, Livonia, Warren, Detroit, Grand Rapids, Lansing, Traverse City, Kalamazoo or any city in Michigan Health Insurance quote, click here for a free instant quote.
