Paying for healthcare coverage is a major expense for most all individuals and families, so it’s wise to know exactly what you are getting. Think of health plan costs this way:
- You pay each month to have coverage, much like you would pay for a gym membership to have access to its facilities and services
- Your health plan shares the cost of medical services with you, such as when you pay a fixed cost for visiting a doctor, and when you split the cost of a medical bill with your plan (called coinsurance.)
- Your health plan picks up all of the cost, after you have exceeded the annual amount your plan says you have to pay.
Click on the infographic below to learn more about the types of health plan costs.