Tax Advantage Accounts
2018 Annual Enrollment
Life Events FAQs
Defined Benefit Plans
Use the definitions and examples below to better understand how how health plans work and what your costs may be.
The premium is the ongoing amount you or your employer pay for your health insurance plan in order to maintain your health coverage. You are responsible for your premium whether you use medical services or not. In most cases, it's paid monthly, but can be paid quarterly or yearly.
A deductible is the amount you must pay toward your health insurance costs before your health plan begins to pay for your covered services. For example, if you have a $1,500 deductible, your plan won't pay for some services until you've paid $1,500.
Coinsurance is the percentage of eligible expenses you must pay for covered health services after you meet the annual deductible.
For example, let's say it costs $100 to see your doctor. If your coinsurance is 20%, you must pay $20 and your health insurance plan pays $80. You must pay the entire amount if you haven't met your deductible.
The out-of-pocket maximum, or OOPM, is the most you have to pay out of your own pocket for medical services under your insurance plan during the year. Your deductible, coinsurance, copays and any other expenses for in-network essential health benefits (EHBs) apply to the OOPM.
Review three hypothetical examples to see how the 2018 plans work based on health care needs:
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