Understanding Your Health Care Costs With Insurance

What is Health Insurance Cost Sharing?

Cost sharing refers to the portion of healthcare expenses that you, as the patient, are responsible for paying, separate from the monthly premium of your insurance plan. It includes various forms of payments:

• Deductibles: This is the amount you pay for your covered healthcare services before your health insurance begins to cover costs. For example, if your deductible is $1,000, you'll pay for the first $1,000 of your healthcare services yourself. For most insurance plans, your deductible resets every calendar year (Jan 1).
• Co-payments (Co-pays): A co-pay is a fixed amount you pay for a specific service or prescription. For instance, you might have a $20 co-pay for each general doctor's visit or a $10 co-pay for a particular medication.
• Co-insurance: This is a percentage of the cost of your healthcare services that you pay after meeting your deductible. For example, if your co-insurance is 20%, and the healthcare service costs $100, you'll pay $20 while your insurance pays the rest.

Tips for Managing Your Cost Sharing:

• Know Your Plan: Understand your plan's deductible, co-pay, and co-insurance details. Keep this information handy for reference.
• Plan for Deductibles: If you have a high deductible, consider setting aside money in a health savings account (HSA) or a flexible spending account (FSA) to cover these costs.
• Ask Questions: If you're unsure about your coverage or how much you owe, don't hesitate to ask us or contact your insurance provider for clarification.