The answer to this depends on your specific situation. You pay for health insurance in different ways. You need to know each type of cost and when need to pay it. That will help determine the low cost health insurance choice for you.
- Premium – This is the fee you pay every month to have health insurance coverage whether you use health care services or not
- Out-of-Pocket Costs – These are the costs you owe for using health care services that aren't reimbursed by insurance. Out-of-pocket costs include –
- Deductible – The amount you owe for covered health care services before your health plan begins to pay. For example, if your deductible is $1,000, your health plan won’t pay anything until you’ve met your $1,000 deductible for covered health care services subject to the deductible
- Coinsurance – Your share of the costs of a covered health care service, calculated as a percent (for example, 20%) of the allowed amount for the service. You pay coinsurance plus any deductibles you owe
- Copays (Copayments) – A fixed amount (for example, $15) you pay for a covered health care service, usually when you get the service. The amount can vary by the type of health care service
- Health care services not covered by health insurance, such as cosmetic surgery
Usually if the premium is high, the out-of-pocket costs are lower.
How do you decide what to choose for low cost health insurance?
- Choosing a plan with a copay for services you receive often will help you minimize your out-of-pocket expenses at the time of service. If you go to the doctor often and / or take a lot of medicine, this type of plan may be the low cost health insurance option for you.
- Choosing a plan with a deductible and coinsurance may help you reach your maximum out-of-pocket amount sooner. If you go to the doctor often and / or take a lot of medicine, this type of plan may be the low cost health insurance option for you.
- If you don’t go to the doctor often and you don’t take medicine, you may want a plan with a lower premium. You may pay more when you get health care services, but if you don’t go to the doctor or take medicine, you won’t owe out-of-pocket costs. In this case, the low cost health insurance choice for you may be a low premium plan.
Unity can help you decide the low cost health insurance option for you. We offer great customer service and are ready and waiting to help you now.