Copays, deductibles, premiums and more: A health insurance overview

Although many people view health insurance as complicated and unpleasant, it is ultimately both necessary and logical under the current healthcare system in the United States. Whether one is investigating individual coverage or employer-sponsored health insurance (by far the most comprehensive and least costly choice), there are several essential components that are key to making an informed decision.

If you are engaged in a profit or non-profit enterprise, you will usually be better served by managing your health insurance coverage through that entity. The size of the business, trust or non-profit may be as small as one employee but usually two or more employees affords more health plan choices. The organization must be registered by the Washington State Department of Revenue and be able to exhibit that the organization is legitimate.

When you are ready to choose health insurance coverage for yourself, your family and/or your employees, be certain that you understand the following terms:

Deductibles: The amount you pay for out-of-pocket costs for your covered healthcare before your insurance plan begins to pay.
Premium: The amount you pay to have health insurance.
Network: A provider network is a list of doctors, other healthcare providers and hospitals that a plan contracts with to provide medical care to its members.
Copays: Usually a set rate you pay for prescriptions, doctor visits, and other types of care.

In Washington State, having a pre-existing medical conditions does not prevent you from changing health plans and you should absolutely review your coverage and costs yearly with a highly qualified health professional.

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Johnathan N. Carney is President of Carney-Cargill, Inc., experts in employee benefits, life, disability, long-term care insurance and estate planning. As one of the highest rated brokerages in Washington State, they assist clients with choosing protection from over 30 of the world’s most respected and trustworthy insurance companies to provide the most comprehensive insurance coverage available.

Find Carney-Cargill, Inc. at 600 Ericksen Ave. NE, Suite 320, Bainbridge Island. For more information, call 206-842-8987 or visit carneycargill.com.

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