Expenses out of your pocket
The first expense is called deductible. This is the dollar amount of covered expenses
you are responsible to pay the physician or hospital before the policy will pay
any benefits. If your deductible is $100 and your medical invoice is for $250, the
insurance company will reimburse you only for $150 ($250-$100). Per event means
you pay the deductible once for all different services and treatments you get per
one sickness or accident.
The second expense is called co-insurance. Co-insurance is the fixed percentage
of your medical bill the insurance company will pay. The rest will have to be paid
by you, out of your pocket. For example, if you have a hospital bill for $5,000
and your co-insurance is 80%, the insurance company will pay 80% of the bill and
you are responsible for the other 20%.
Look for a plan with a minimal co-insurance or 100% coverage of your medical expenses.
These plans might cost a few dollars more, but you will get it all back with the
first claim paid.
In addition, be aware of the benefit limits and usual and customary costs associated
with various treatments in your insurance policy. When you look over the policy
information, you may find that specific costs and coverage restrictions will help
you decide if the plan is a good plan for you.
Keep all of these guidelines in mind when comparing the various insurance plans
available to you. Make sure you choose the plan that you think provides the level
of coverage you need and will keep you concentrating on your studies and not your
ISO - Trusted experience on your side!