EKA Planning Services, NY

A health insurance policy is a contract between an insurance company and an individual. The type and amount of health care costs that will be covered by the health insurance company are specified in advance, in the member contract.

Premium: The amount the policyholder and/or employer pays to the health plan each month to purchase health coverage.

Deductible: The amount that the insured must pay out-of-pocket before the health insurer pays its share. For example, a policyholder might have to pay a deductible per year, before any of their health care is covered by the insurance company. It may take several doctor’s visits or prescription refills before the insured person reaches the deductible and the insurance company starts to pay for care.

Co-Payment: The amount that the insured person must pay out of pocket before the health insurer pays for a particular visit or service. For example, an insured person might pay a $45 co-payment for a doctor’s visit, or to obtain a prescription. A co-payment must be paid each time a particular service is obtained.

Explanation of Benefits: A document sent by an insurer to a patient explaining what is covered for a medical service, and how they arrived at the payment amount and patient responsibility amount.

Contact us today so that we can design an insurance plan to meet your individual needs.

EKA Planning’s health insurance portfolio provides more than just protection, it provides peace of mind.