Your monthly premium (and possibly other charges) are not counted toward meeting your deductible.Ĭoinsurance is a type of cost-sharing where you pay a percentage of the total price for a covered health care service and your insurer pays the rest. ![]() For example, if the deductible for your plan is $500, once you have paid $500 for health services you need, your health insurance will begin to pay for covered health services. After you have met your deductible, you may still have to pay for part of the health services covered by your plan, usually in the form of copays and coinsurance. Premiums can be paid different ways, including paying online with a credit card or through a bank account, or by mailing a check.ĭeductible is the amount you owe for health care services that your health insurance plan covers before your health plan begins to pay for most services. This is your monthly bill that is paid directly to the insurance company for your plan, even if you don’t get medical services. Premium payments are what you pay to ensure you are continually covered by your health insurance plan. What kinds of payments will I make when using my plan? This includes understanding terms like deductible or coinsurance as well as being able to calculate the costs of using your plan. Get Covered Illinois can help you understand how much your coverage costs, what services are available, and how to use your coverage.
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