Deductible – Your health insurance deductible is the amount you pay out-of-pocket before your health insurance plan starts to pay. As a person living with MS, you may require more health services which may make a plan with a higher monthly premium, but lower deductible the best way to save money on your total health insurance cost for the year.Ģ. Plans with a lower monthly premium tend to have a higher deductible, which means the plan with the lowest monthly premium might not be the right one for you. However, there is often a tradeoff between monthly premiums and overall out-of-pocket costs. This makes choosing a health insurance plan with a premium that fits your budget very important. If you cannot make your premium payments each month, then the health insurance company can drop your coverage. Premium – Your health insurance premium is the monthly payment that you pay in order to keep your health insurance active. As a person living with a chronic illness, purchasing health insurance is one of the most important decisions that you can make, so make sure you understand what you are buying.įive Health Insurance Financial Terms you must know:ġ. Health insurance is a complicated necessity that most of us don’t fully understand. When evaluating a plan to determine which one best meets your needs, it is imperative to understand all of the different health insurance terms and what they mean to you. Open enrollment is here which gives those of us living with multiple sclerosis a chance to make adjustments to our health insurance plan.
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