Understanding Copays and Deductibles

Insurance premiums in South Carolina and Virginia, as in the rest of the country continue to grow, but there are ways that you can minimize your expenditure. While it is very possible to reduce your monthly premiums it is imperative that you understand that there are trade-offs.

Two of the factors that determine the size of your premium are co-pays and deductibles.

A co-pay is the amount of money that you must lay out when you seek medical attention for a physician, for emergency room visits, or through the purchase of prescriptions. These are generally fixed numeric amounts rather than percentages.

A deductible refers to the amount of money for which you are responsible before the insurance company is payments kick in. These are generally expressed in terms of percentages. The higher your deductible to lower your premium. In other words the more responsibility you are willing to shoulder up front will determine your monthly costs.

With rising insurance costs, many people are willing to carry the smaller costs of larger co-pays and greater deductibles, knowing that should they incur large medical bills they would be fundamentally covered.

For each individual the needs are unique and so the choices will vary. Our  insurance agents can help you to assess your needs and determine a proper balance between costs and coverage, thus creating a plan perfectly fitted for your needs and budget.

Call : 843-297-8162 for a free quote and consultation.