If you develop an illness or you’re hurt in an accident, the cost of your medical care can quickly reach thousands of dollars. If you need to purchase Health Insurance in Oklahoma City OK for you and your family, familiarize yourself with health insurance terms first, so you’ll know exactly what you’re buying. Below are some common health insurance terms and what they mean.
Deductible
This is the amount that you pay yourself for health care services before your insurance begins to pay. On the first day of the year, you’ll be responsible for paying the total amount of your health care costs until you reach the deductible amount. After it’s reached, your insurance will pay a large percentage of your health care costs and you’ll be responsible for the balance.
Co-Payment
After you’ve met your deductible, this is the remainder of the bill you’ll have to pay after your health insurance pays its part. For example, your health insurance may pay 80% of your doctor bill, so your co-payment is 20% of the total cost.
Out Of Pocket Limit
This is the highest dollar amount that you’ll have to pay for medical services. Your health insurance will pay for the remaining amount until the end of the year. This amount includes what you’ve already paid as a deductible and your co-payments thereafter.
Preferred Provider
Many physicians and specialists have a contract with certain health insurance companies to offer discounts for their services. Your policy will list all of the medical professionals who participate in the program. When you visit a physician that’s on the list, your payment or co-payment will be less expensive.
Pre-authorization
For some types of medical services that aren’t needed during an emergency, you may have to get payment pre-approval from your insurance company. These may include some types of treatments, medical supplies or prescription medications. Your insurance company makes the decision whether to approve and pay for the services or not.
If you have any questions while purchasing Health Insurance in Oklahoma City OK, your insurance agent can answer them for you. CPC Insurance Agency, Inc. is an independent insurance agency that offers auto, home, health and business insurance.
