Understanding Health Insurance: Out-of-Pocket Costs


Stuff happens. And that’s when insurance really
comes in handy. Now, having insurance helps a lot, but it doesn’t mean all your health
care is going to be free. There are lots of details about your insurance plan that affect
how much you pay when you get sick or injured. If you have Medicaid, a lot of these services
could very well be free. Otherwise, you’ll likely have to pay something when you go to
the doctor or fill a prescription. This is called a copay when it’s a specific dollar
amount, like $25 per visit, or coinsurance if it’s a percentage of the bill. There’s
also the deductible – that’s how much comes out of your own pocket before your insurance
starts paying. Depending on your plan, you might have a deductible for all your care,
or it might only apply to some types of care, like hospital stays and prescriptions. So
read your plan material, because it can add up to thousands of dollars!

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