Medicare is a federal health program for people 65 years of age and older. When choosing a Medicare plan, there are a lot of terms to understand and know. The most basic of terms are outlined here for your convenience:
- Premium: the monthly amount you pay to have the plan
- Deductible: the amount you must pay up to before your medicare plan incurs the costs
- Co-pay: the specific amount your insurance asks the insurer to pay for specific services
- Co-insurance: the percentage amount the insurer is responsible for after your deductible is met
- Max-out-of-pocket limit: in the worst-case scenario, this is the most the insurer would be responsible to pay for
Outside of these core terms, there are other things about medicare to know. Health Plans of America makes it easy by connecting you to a licensed insurance agent. Connect today to get started!