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 doctor co-pays between $35-$50

Originally posted 2009-07-31 18:36:34. Republished by Blog Post Promoter

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.  However, individual and family plans may or may not include office visits copays as part of the coverage.

SOME of the plans listed in your instant quote will not offer copays for routine office visits.  If you see “$0″ or “N/A” in the Copay column on your instant quote, then those plans will not have an office visit copay.  On plans with no office visit copay, routine office visits will typically apply to your deductible, and you will be responsible to pay the network-discounted rate for office visits until your deductible is met.  On some of the catastophic plan designs with no copays, routine office visits may not even be covered at all!

Carriers that do not offer office visit copays on their basic plan design will usually give you the option to add office visit copays for an additional premium.  Please remember that when you pay a copay on a PPO plan, your deductible IS NOT reduced by the amount of that copay.  Copay expenses, whether for office visits or prescriptions, are unlimited and never included in your PPO plan’s maximum out-of-pocket limit.

Originally posted 2009-10-09 04:54:29. Republished by Blog Post Promoter

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 100% for covered service. The money you deposit in an HSA is tax-free. You don’t pay taxes on qualified withdrawals, either. In effect, it’s like getting extra money from the government to pay for healthcare. To open an HSA, you first have to purchase a Michigan high deductible health plan.

Originally posted 2009-07-31 19:09:46. Republished by Blog Post Promoter

“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.  But many people mistake deductible expenses as expenses that are “not covered”.  For example, if your PPO plan’s annual deductible has not been met yet, a trip to the lab for bloodwork might result in a deductible expense, an expense that reduces your calendar year deductible, and you will be required to pay the network discounted fee for the blood test.  This service is considered a “covered” expense, even though you have to pay for it.  If the service is “not covered”, it will not reduce your calendar year deductible.

Originally posted 2009-10-09 04:47:47. Republished by Blog Post Promoter

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, your insurance company will pay 100% of the rest of your covered medical costs.

Originally posted 2009-07-31 18:42:02. Republished by Blog Post Promoter

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 deductible usually means you enjoy lower monthly premiums.

Originally posted 2009-07-31 18:33:39. Republished by Blog Post Promoter

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 deductible for hospital costs, meaning you pay 20% of the total cost of a trip to the hospital.

Originally posted 2009-07-31 18:38:42. Republished by Blog Post Promoter

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.

Originally posted 2009-07-31 18:31:08. Republished by Blog Post Promoter

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 control healthcare costs. It’s now the most common form of health insurance in the United States. HMOs and PPOs are examples of managed care.

Originally posted 2009-07-31 19:05:52. Republished by Blog Post Promoter