Learning the Lingo – Open Enrollment has now been closed for 4 months. Is there still lingo and jargon that are confusing to you about the Insurance Plan you purchased, or even one that is provided to you by an employer? Take this time to start learning some key terms that will help you determine if you are on the best coverage and what your coverage actually means.
With the current types of tiered medical plans available to you and your family on the Open Enrollment Market, there are four basic plans. Bronze, Silver, Gold, and Platinum. This really either makes you think of crayons or credit card plans. But it is a tiered system that you want to pay attention to. Moreover, once you understand that Bronze is the level at the bottom and Platinum is the level at the top, you can make more sense of the plan.
Each type of health insurance plan comes with another set of payment terms which helps determine which one you actually choose. Premium – This is your monthly bill payment to have the health insurance coverage. Premium are where you are either paying out of pocket or having an employer help subsidize the cost with you. Deductible – the amount you must pay before your health insurance coverage begins. Deductibles vary with each plan and this is what you need to look closely at in each tiered plan. Copayment – This is the amount which is paid at the time of a Doctor’s visit or when getting prescriptions. The can also vary tremendously depending on which tier of the scale you choose.
The Final Word
Becoming familiar with the lingo of health insurance can really benefit you. It will help when needing to compare health insurance providers or plans. Remember, Miller Insurance Management is here to help. We speak this language fluently can help you better understand your coverage.