{"id":367,"date":"2023-02-06T02:33:12","date_gmt":"2023-02-06T02:33:12","guid":{"rendered":"https:\/\/clevelandbenefitpartners.com\/?p=367"},"modified":"2023-02-06T02:33:38","modified_gmt":"2023-02-06T02:33:38","slug":"367-2","status":"publish","type":"post","link":"https:\/\/clevelandbenefitpartners.com\/367-2\/","title":{"rendered":"Healthcare 101: Back to Basics"},"content":{"rendered":"<p>Getting sick can be expensive.\u00a0 Even minor illnesses and injuries can be very costly to diagnose and treat.\u00a0 Health care coverage helps you get the care you need and protects you and your family financially if you get sick or injured.<\/p>\n<p>We\u2019re breaking down the health insurance basics.\u00a0 Because, when you understand it, you\u2019re more likely to get preventive care, make better health decisions and even reduce your costs.<\/p>\n<p><a href=\"https:\/\/www.valuepenguin.com\/health-insurance-literacy\" target=\"_blank\" rel=\"noopener\">55% of people<\/a> can\u2019t answer basic health insurance questions and younger generations struggle with understanding the fundamentals of insurance even more.\u00a0 <a href=\"https:\/\/www.valuepenguin.com\/health-insurance-literacy\" target=\"_blank\" rel=\"noopener\">69% of millennials and 64% of Gen<\/a> Zers admitted they\u2019ve opted not to seek care due to uncertainty about their health insurance.<\/p>\n<p>Put simply, health insurance is a way to pay for your health care.\u00a0 Your health insurance protects you from paying the full costs of medical services when you\u2019re injured or sick.\u00a0 And it works the same way your car or home insurance works: you or your employer choose a plan and agree to pay a certain rate, or premium, each month.\u00a0 In return, your health insurer agrees to pay a portion of your covered medical costs.<\/p>\n<p><strong>How Health Insurance Payments Work<\/strong><\/p>\n<p>Your premium, or how much you pay for your health insurance each month, covers some or all the medical care you receive \u2013 everything from prescription drugs to doctors\u2019 visits.\u00a0 Most people choose a health insurance plan based on the benefits and medical services the plan covers, as well as on monthly cost.\u00a0 But there are other factors to consider as well, like what you will be required to pay when you see a doctor or a health care facility.<\/p>\n<p>These out-of-pocket payments are important to understand and know the differences between them:<\/p>\n<ul>\n<li><strong>Deductible &#8211;\u00a0<\/strong><a href=\"https:\/\/www.healthcare.gov\/glossary\/deductible\/\" target=\"_blank\" rel=\"noopener\">A deductible<\/a> is the amount you pay out of pocket on healthcare costs before your insurance company starts to contribute to your healthcare costs for the year.\u00a0 Generally, a plan with a lower deductible will have a higher monthly premium than a plan with a higher deductible.<\/li>\n<\/ul>\n<ul>\n<li><strong>Co-pay &#8211;\u00a0<\/strong><a href=\"https:\/\/www.healthcare.gov\/glossary\/co-payment\/\" target=\"_blank\" rel=\"noopener\">A co-pay<\/a> is a set fee you pay for a doctor visit.\u00a0 For example, if your policy lists a co-payment of $20 for a doctor visit, you pay that amount each time you see the doctor.\u00a0 Keep in mind that the co-pay will differ for different services.\u00a0 What you pay for a trip to the emergency room will probably not be the same as a co-pay for a visit to your primary care physician.<\/li>\n<\/ul>\n<ul>\n<li><strong>Co-Insurance &#8211;\u00a0<\/strong><a href=\"https:\/\/www.healthcare.gov\/glossary\/co-insurance\/\" target=\"_blank\" rel=\"noopener\">Co-insurance<\/a> is the amount you pay for covered health care after you meet your deductible. This amount is a percentage of the total cost of care \u2013 for example, if your co-insurance is 20%, your insurance covers the other 80%.\u00a0 Co-insurance levels vary by plan, as do deductibles.<\/li>\n<\/ul>\n<ul>\n<li><strong>Out-of-Pocket Maximum &#8211;\u00a0<\/strong><a href=\"https:\/\/www.healthcare.gov\/glossary\/out-of-pocket-maximum-limit\/#:~:text=The%20most%20you%20have%20to,premiums\" target=\"_blank\" rel=\"noopener\">An out-of-pocket maximum<\/a> is a limit on the amount of money you have to pay for covered services in a plan year.\u00a0 After you spend this amount on your deductible, co-payments and co-insurance, your health plan pays 100% of the costs of covered benefits.<\/li>\n<\/ul>\n<p>Knowing how your insurance and healthcare costs are structured is an important part of your personal finances.\u00a0 When you choose a plan, look at your typical healthcare needs and costs so you can make the best decision for your health, and your wallet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Getting sick can be expensive.\u00a0 Even minor illnesses and injuries can be very costly to diagnose and treat.\u00a0 Health care coverage helps you get the care you need and protects you and your family financially if you get sick or injured. We\u2019re breaking down the health insurance basics.\u00a0 Because, when you understand it, you\u2019re more [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":368,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12,22,9],"tags":[79,108],"class_list":["post-367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-custom-content","category-employee-benefits","category-health-insurance","tag-healthcare","tag-healthcare-costs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Healthcare 101: Back to Basics - Cleveland Benefit Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/clevelandbenefitpartners.com\/367-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Healthcare 101: Back to Basics - Cleveland Benefit Partners\" \/>\n<meta property=\"og:description\" content=\"Getting sick can be expensive.\u00a0 Even minor illnesses and injuries can be very costly to diagnose and treat.\u00a0 Health care coverage helps you get the care you need and protects you and your family financially if you get sick or injured. 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