What are the basic components of health insurance?  Get an understanding from one of Oklahoma's top rated health insurance companies. Here are the top 10 points about the basic components of health care...

1. As an insurance client, it's important to understand the five basic components when looking at health insurance. These include premiums, deductibles, co-payments, coinsurance, and out-of-pocket maximums.

2. Premiums are the monthly payments you make to your insurance company to maintain your coverage. They can vary depending on the type of plan you have and the level of coverage you choose.


3. Deductibles are the amount of money you have to pay out-of-pocket before you see the true benefits of the policy you choose. Typically, plans with lower premiums have higher deductibles, while plans with higher premiums have lower deductibles.

4. Co-payments are a fixed amount of money you pay for certain medical services, such as doctor visits or prescription drugs. These fees are usually a set amount and may vary depending on the type of service.

6. Coinsurance is the percentage of the cost of medical care that you're responsible for paying after your deductible has been met. For example, if you have a 20% coinsurance rate, you'll pay 20% of the total cost of medical care, while your insurance company will cover the remaining 80%.

6. Out-of-pocket maximums are the highest amount of money you'll be responsible for paying in a given year for covered medical expenses. High-deductible health insurance plans usually mean lower monthly payments but higher out-of-pocket deductibles until you reach your limit. Once you reach this limit, your insurance company will typically cover 100% of your medical costs for the rest of the year.

7. Understanding these five components is essential for choosing the right health insurance plan for your needs and budget.

8. When selecting a plan, be sure to consider how much you can afford in monthly premiums, as well as how much you're comfortable paying in deductibles, co-payments, and coinsurance.

9. It's also important to review the details of your plan carefully and understand any limitations or exclusions that may apply, such as pre-existing condition exclusions or restrictions on certain treatments or procedures.

10. By taking the time to understand the basic components of health insurance and selecting a plan that meets your needs and budget, you can have peace of mind knowing that you're covered for any unexpected medical expenses that may arise.

When it's time to look at a new health insurance plan, consult a licensed, local agent that will take the time to help you choose the best plan for you. If you live in Oklahoma, the agents at Insure It Forward would be honored to be your advocate.

Having a good Insurance Agent to rely on doesn't cost you anything and In Return;

• You get better information
• You're more likely to find a "best fit" plan.
• Save more because of that fit.
• Have more all around benefits.
• Be more on top of the insurance game as changes come... and they will.