Five Health Insurance Terms You Must Know in Ohio

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5 Health Insurance Terms you should know

• in Ohio

Getting to know the Lingo for insurance in
Columbus, Cleveland, Cincinnati, Toledo, Dayton
and Akron.
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Toll Free 1(877) 549-1212
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Premium

• Once you have insurance you will have to pay what
  is called a premium. This is the cost of your
  health insurance. You can choose if you would
  like to pay weekly, monthly, bi-annually, or
  annually. After the plan is purchased the premium
  is good for one year.

Advice Choose a lower premium/higher
deductible if you want to save money NOW, and a
higher premium/lower deductible if you want to be
more financially prepared for unexpected medical
expenses LATER.
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Toll Free 1(877) 549-1212
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Copayment

• When you go to the doctors you may be required to
  pay a certain amount of money upfront this amount
  is called your copayment or copay. The amount
  will vary depending on the plan you have, but you
  need to be aware that you will have to pay it
  both for office visits and brand name
  prescription drugs.

Note Your copayment does not pay off any of your
deductible, and you have to continue to pay
copayments even after you have paid your
out-of-pocket maximum.
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Toll Free 1(877) 549-1212
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Deductible

• Depending on what plan you choose your deductible
  could vary anywhere between 500-5,000 or above.
  A deductible is the amount of money you have to
  pay out of pocket for medical expenses before the
  insurance company starts paying.

Good to know The higher your deductible, usually
means a lower monthly premium.
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Toll Free 1(877) 549-1212
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Coinsurance

• After you have met your out-of-pocket maximum
  there is still a coinsurance that you may have to
  pay. The coinsurance is the percentage of the
  cost of medical bills and such that you are
  responsible for after the deductible is met.
  Coinsurance is, like your deductible, something
  that varies per plan. With some plans your
  insurance company will pay 80 of the medical
  costs and you will be responsible for the
  remainder. In other plans the insurance company
  will pay 70 and you will pay 30.

Note The higher your coinsurance, the lower your
monthly premium.
www.onesourcebenefits.com
Toll Free 1(877) 549-1212
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Maximum Out- of- pocket Costs

• After reaching your deductible, coinsurance, and
  copayment limit, the insurance company covers
  100 of the rest of your medical bills for that
  year.

www.onesourcebenefits.com
Toll Free 1(877) 549-1212
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