Final Exam Review
- Premium
- cost of having insurance
- average for a 30 year old couple
- in a PPO is $640 per month
- with $500 deductible
- 80/20 Co-pay
- Deductible
- your share of payment before insurance kicks in
- the higher the deductible the lower the premium
- Co-Pay
- percentage you still pay even after insurance kicks in
- most insurance is 80/20
- insurance pays 80%
- the higher the patient % the lower the premium
- Maximum Out-of-pocket
- maximum amount you will need to pay in total up to Max Pay amount
- higher out-of-pocket means lower premiums
- Maximum Payment
- the maximum amount that your insurance will pay
- should have at least $1,000,000
- higher Max Pay means higher premiums
- Health Savings Account
- high deductible / low premium insurance
- allows you to set up tax free savings account for medical payments
- can shelter up to $5,650 each year from taxes in HSA account
- that money can be used to pay medical bills
No comments:
Post a Comment