In the past few years, health insurance has become a challenging topic for many people. Despite the confusion surrounding this topic, health insurance is still an important aspect of your personal health and well-being. At JB Victor Financial Corporation, serving Pennsylvania, we understand how important it is to have the right insurance information so that you can make the right insurance choices for you and your family. Keep reading to find out what you need to know about health insurance.
Health insurance is an insurance product that is designed to assist individuals with costly medical bills. Medical bills can be devastating financially for many people. Once you purchase an insurance policy, you will pay a monthly premium and a yearly deductible. The insurance policy can then kick in to help you pay for other more expensive costs should you or your family need it.
Many people find themselves confused over the health insurance terms which are used. Understanding these terms can help you when you are making insurance choices concerning your health insurance.
Premium: A premium is an amount you pay monthly to be a part of the insurance policy. This amount will vary depending on your family dynamics, how many people are covered on the policy, and the type of policy you sign up for.
Deductible: The deductible is the amount of money you will pay out of pocket for your own medical expenses before the insurance policy will kick in. This amount will vary from policy to policy. It is very important that you review this carefully to make sure that the deductible is an amount that you and your family can fit into your annual budget.
Co-Pay: A co-pay will be the amount you will be expected to pay upfront before you can receive services. It is very important to research this and make sure that the co-pay is an amount you and your family can budget.
If you would like to learn more about health insurance, please contact our staff at JB Victor Financial Corporation serving Pennsylvania.
