Choosing health insurance can feel a bit overwhelming in the last few years. Here at HBW Insurance Group, serving Catonsville, MD, we look forward to the opportunity to educate our clients and potential clients on these important issues. If you have questions about health insurance, we have answers. 

What Is A Deductible, Co-Pay, and Premium?

Understanding key health insurance terms is crucial to choosing a good plan. These are the three main terms you will hear when you first begin shopping for health insurance. 

Premium– This is the amount you pay each month to be a part of the health insurance plan. This is a very important amount to consider because it will be part of your monthly, recurring budget. 

Deductible– This is the amount that you will pay out of pocket for your health care costs before the health insurance policy will kick in. This is also an important amount to consider as it will have an effect on your yearly budget. 

Co-Pay– The co-pay is the amount that you will pay at each doctor’s visit. 

Why Are There Different Deductibles and Premiums for Different Policies?

Each individual and family will have different medical needs throughout the year. In order to plan ahead, you will consider the amount of medical care your family normally requires during a year. The deductible amount will often affect the premium amount.  You should keep this in mind while shopping for health insurance.  A health insurance representative can then help you understand a practical deductible and premium for your family. The best way to understand health insurance options is by speaking with a representative directly. 

If you would like to learn more about health insurance, and which options are best for your family, please contact us at HBW Insurance Group, serving Catonsville, MD.