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5 Health Insurance Terms for Millennials

December 30, 2016

Individuality, authenticity and self-expression are three great qualities you possess as a Millennial.

But thinking about health insurance is probably not another one.

Not only is it hard to see the value of having health insurance when your health is currently great, but healthcare is complicated to understand, too.

You never know when a chronic illness or disease diagnosis will come, so health insurance is a must.

In addition, having health insurance will encourage you to see the doctor for preventive checkups, helping you stay healthy and find problems early on.

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As you investigate your health insurance options on the Marketplace, here are five health insurance terms you need to know.

Premium

This is what you’ll pay monthly or annually for health coverage.

The premium is calculated on an annual basis, and then usually paid monthly.

Deductible

This is the amount of money you’ll have to pay for medical costs before your insurance will start sharing in the payments.

Your deductible is also calculated annually. You will typically pay your provider when services are delivered, or the medical professional will bill the carrier and then your carrier will send you a bill.

Your plan may provide for preventative services that don’t require payment from you  –  even if you haven’t met your deductible.

Coinsurance

This is the portion, or percentage, that you will pay as the policyholder, if your plan requires you to share costs with the insurer.

Every time you receive a medical service  –  visit the doctor or lab, for example  –  you will have to pay the coinsurance directly to the provider.

Copay

This is a fixed-amount payment owed to the service provider for services.

Every time you visit the doctor, lab, etc., you will pay the copay directly to the provider.

Out-of-pocket maximum

This is a maximum limit of what you will have to pay “out of your own pocket.” Once you meet this limit, the carrier will typically pick up 100 percent of the costs.

Estimating costs

You can estimate your total out-of-pocket costs for the year by using this guide:

  • Add the number of times you will visit your primary care physician.
  • Add the number of visits to a specialty care provider.
  • Multiple this by your coinsurance or copay.
  • Then, add your annual premium.
  • And add your annual deductible.

That’s your total out-of-pocket costs.

Why you need health insurance

Did you know that:

  • More than half of Millennials have $1,000 or less in out-of-pocket expenses from healthcare?
  • Compared to other generations, Millennials are cognisant of the fact that they underestimate the costs could result from illness or injury  –  including household, medical and out-of-pocket costs?
  • Many of your peers voluntarily enroll in employer-insurance programs and purchase additional insurance?

It’s time to get serious about health insurance and your future.

Now that you know these top five health insurance terms, you can confidently talk about your options with one of our Marketplace Health Insurance specialists. Contact InsureOne Benefits today!

InsureOne Benefits

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