A premium is the monthly cost of keeping your insurance policy in effect. Health insurance premiums are determined by a variety of factors, including your medical history, your lifestyle, and your current health status.
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A deductible is an amount of medical expenses you are responsible for paying before your insurance starts covering you. A common deductible is $500 - this means you would be responsible for paying the first $500 in medical bills before receiving coverage. Having a higher deductible usually means you enjoy lower monthly premiums.
A co-payment is a fixed-dollar amount that you are responsible for paying for a particular medical service. For example, many plans have $20 co-payments for doctor's visits. This means it only costs you $20 to see a doctor.
Coinsurance is an amount of the cost of a medical service that you are responsible for paying. Unlike a co-payment, which is a fixed-dollar amount, coinsurance is expressed as a percentage. For example, many insurance plans have 20% coinsurance for hospital costs - meaning you pay 20% of the total cost of a trip to the hospital.
Since partnering with Wellspring 3 years ago we have consistently received quick, thorough and friendly responses for our health insurance needs. Their hands on service for our growing company as well as providing single point of contact for our employees has been invaluable. We look forward to a long relationship with Wellspring.
Wellspring Insurance Agency, Inc. has partnered with Sharp Oilfield Services and Hardline Rail Services from the beginning. They have worked diligently to meet our company objectives in all areas. Whether it be solving complex Affordable Care Act compliance concerns, or employee benefit program communication. All while ensuring our employees have a truly robust benefit program.
I am extremely pleased with the quality of service Erik Clark and his team at Wellspring Insurance Agency are providing me. They reply and follow-up quickly to calls or emails when questions arise.