If you are one of the many self-employed or work for an employer that does not offer any insurance benefits, you will have to shop for health and dental policy on your own or with the help of an insurance agent. For some this may seem overwhelming but it really only takes some research to gain better understanding on how insurance plans are organized.
When reading a health insurance policy you will encounter insurance specific terms. These terms tell you what you are responsible to pay and what the insurance company will pay.
Copay – This is a cost sharing agreement in which the insured pays a predetermined amount and the insurance company pays the rest. Example: You have a $50 copay for a doctor visit where the cost is $80. You pay the $50 and insurance pays $30.
Deductible – This is how much the insured is responsible to pay before insurance will begin to pay. The higher the deductibles, the lower the monthly cost.
Coinsurance – This i