Two simple insurance charges you need to understand when choosing health coverage investinyou (In partnership with acorns.)
Health insurance can get pretty complicated. Typically, the point is to pay some money every month so that when you have an accident or get sick, your medical costs aren't so expensive that they bankrupt you.
Your premium is that monthly cost. For many people who work for companies that offer health insurance, the premium comes out of your paycheck automatically. Let's say it's $1,000. That's the amount of money that you need to spend out of pocket on health care each year before your insurance starts covering your bills. Deductibles may range from a couple hundred dollars to several thousand.
And the reverse is usually true too: Lower monthly premiums usually mean a higher deductible. This is probably better for healthy people who are willing to take a little more risk with their costs.Let's say you pay a $100 premium every month and you have a $1,000 annual deductible.The surgery costs $5,000.
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