I’m trying to sign up for health insurance. And I don’t understand at all what are monthly premiums, out-of-pocket costs, deductibles, and any other lingo. Can anyone PLEASE explain this to me like you would to a 5 y/o?
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Premiums are how much you pay monthly, even if you don’t go to the Dr.
Deductible is how much you must pay out of pocket before insurance coverage starts
Co pay, is how much you pay for each visit, regardless of what’s covered
Out of pocket cost is the share of the bill that you owe.
Max out of pocket is the largest amount you’ll pay, before the plan covers everything at 100%
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