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Health Insurance Financial StatementsDifferent health insurance plans come with various financial responsibilities. Most patients must pay some relatively small costs out-of-pocket in order to receive care.

You'll often have different levels of financial obligations based on the plan you carry. These can include your policy premium, deductibles, and co-payments.

Premiums


Your health insurance premium is the price you pay your insurance provider to cover you. Some people pay their premiums once a year, in a lump sum. Others pay their premiums monthly, in smaller, incremental costs. Payment options are often the choice of the consumer.

Premium costs vary based on your risks as a patient. Your age, the type of coverage you need, your marital status and your location can all play a role. However, the law forbids companies from charging more for coverage because you have a pre-existing condition.

You have to pay your premium in order to maintain your health insurance plan. Even one missed payment might cause your insurance company to cancel your policy. You could then face penalties for not having insurance. Many who carry insurance can qualify for cost help through the Affordable Care Act.

Deductibles


Consider your deductible to be your financial responsibility for health care. You are responsible for paying for the cost of the deductible. Then, your insurance will pay for the rest of your care.

Let's say you have a $1,000 deductible. You have to pay for $1,000 of your care costs throughout the policy period. You can meet the deductible by paying for prescriptions, doctor visits, and other care. After you've paid that $1,000, your health insurance will completely cover your care needs for the rest of the term.

Co-Payments


When you visit your doctor, they might ask that you pay a co-payment before you receive care. This is your contribution to the total bill for your medical care. Your insurance should pick up the rest of the coverage.

Keep in mind that co-payments often do not count towards paying off your deductible. That means you may see higher care costs until you've totally paid off the deductible for the policy period. During the beginning of the policy period, you often have to pay towards meeting both the deductible and the co-payment.

Understanding costs is an important step in helping you manage your responsibility for health insurance. Also, recognizing your financial stability is an important aspect of getting the correct coverage.

Simpson Financial Group, Inc. has your needs in mind. Call us at (877) 727-7780 for a free health insurance quote.
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Marlborough, MA 01752


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Attention: This website is operated by Simpson Financial Group, Inc. and is not the Health Insurance Marketplace website. In offering this website, Simpson Financial Group, Inc. is required to comply with all applicable federal laws, including the standards established under 45 CFR 155.220(c) and (d) and standards established under 45 CFR 155.260 to protect the privacy and security of personally identifiable information. This website may not display all data on Qualified Health Plans being offered in your state through the Health Insurance Marketplace website. To see all available data on Qualified Health Plan options in your state, go to the Health Insurance Marketplace website at HealthCare.gov.

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