Archive for the ‘Terms’ Category
What is a Health Savings Account?
Michigan Health Savings Accounts are a financial tools with a High Deductible Michigan Health Insurance Plan designed to help make your healthcare more affordable and give you control over how your healthcare dollars are sent. Typically once you reach your deductible the insurance company pays
Do I have to satisfy my deductible to use Office Visit Copays?
An office visit copay is the flat dollar amount that you would pay for a routine visit to either a primary care physician or a specialist, with coverage kicking in at 100% after the copay. Most traditional, employer sponsored plans offer an office visit copay.
Covered vs. Not Covered
“Covered” means that the service is payable AFTER your deductible is met or it is payable AFTER a copay is paid. A few services, such as State mandated preventive care services like immunizations, mammograms and prostate screenings, are covered without being subject to a deductible or a copay.
What is managed care?
Managed care is a form of health insurance that stresses preventive medicine and affordability. In a HMO managed care plan, you typically choose a Primary Care Physician who is responsible for approving specialist and hospital care. Managed care was originally introduced as a way to
What’s an out-of-pocket expense?
An out-of-pocket expense is any cost you have to pay yourself when receiving medical care. This includes your deductible, co-payments, and coinsurance. Most Michigan health insurance policies have an annual maximum out-of-pocket expense. Once you’ve reached your maximum out of pocket in a calendar year,
What is coinsurance?
Coinsurance is an amount of the cost of a Michigan medical service that you are responsible for paying. Unlike a co-payment, which is a fixed-dollar amount, coinsurance is expressed as a percentage. For example, many insurance plans have 20% coinsurance of the next 10,000 after
What is a health insurance co-payment?
A co-payment is a fixed-dollar amount that you are responsible for paying for a particular medical service. For example, many plans have $35 co-payments for doctor’s visits. This means it only costs you $35 to see a doctor. Most individual Michigan health insurance plans offer
What is a health insurance deductible?
A deductible is an amount of medical expenses you are responsible for paying before your Michigan insurance starts covering you. A common deductible is $500 this means you would be responsible for paying the first $500 in medical bills before receiving coverage. Having a higher
What is an insurance premium?
A premium is the monthly cost of keeping your insurance policy in effect. Michigan health insurance premiums are determined by a variety of factors, including your medical history, your lifestyle, and your current health status.
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