Affordable Health Insurance Florida

Posted by Sarah Haisman

An affordable health insurance is a term used extensively by websites to allure customers to their pages. However, consumer needs to better understand the term in context to their purchase-a purchase that will provide financial security in times of healthcare need and emergency.

While looking for purchase affordable health insurance in Florida, you, as a consumer, need to understand certain terms of any health insurance plan. Below is a brief description of each one of them:

Deductible-deductible is the amount that a consumer needs to pay before the insurance company pays out anything. Deductibles are one of the most crucial factors in making sure you have an affordable health insurance policy. The idea is two-folds: if you require frequent medical care, you should have low deductibles; however, if you are enjoying good health, you should go for high deductible amount, for, it lowers the monthly premium.

Coinsurance - Coinsurance starts when the consumer meets its deductibles-it is usually 80/20 of the total value where 80% of the cost is borne by the insurer and the remaining 20% is by the consumer. As a matter of a particular case, after the deductible, a consumer is usually responsible for 20% of the next $1,000, which is $200. So, if the deductible was $2,500 and after the deductible you had to pay 20% of the next $1,000, the total out of pocket would be $2,700. Whatever amount might be the bill, the remaining will be paid by the insurer.

Copay - copay is the amount a consumer needs to pay for a visit to the doctor or a prescription. Unlike coinsurance, there is no consideration of deductibles in copays. Suppose the physician charges $70 per visit. With co-pay, you will be paying $40 and the remaining $30 will be paid by the insurance company. However, often, copays increase the premium costs a lot. This means that to make the insurance company pay $30 of your doctor's visit, you might be paying $50 to the insurance company on monthly basis as premium. So, if you do not have a frequent need of visiting the doctor, you should not opt for copays in your health insurance plan.

A consumer in Florida, understanding these things, would be able to pin down the quest of finding affordable health insurance policy with minimal effort.