Wednesday, January 18, 2012

Premium, Deductible, and Out Of Pocket Max: Axis of Evil?

Lot's of confusion over these three terms.

Premium:  The money you pay the insurance company every month.  It's gone, and does NOT apply to either the deductible, the out-of-pocket max.  (And, it does NOT go into your HSA...)

Deductible:  The money you pay before your insurance company kicks in...

Out of Pocket Maximum:  The MOST you'll pay in a calendar year, ASIDE from the Premium.

Now, to add to the loose ruck...A copay is just a fee to the Doc, or medical service provider, and also does NOT count within your deductible, or OOP MAX.

Sucks huh?

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