Terms your Tampa Insurance Broker should know.

 

Coinsurance
First you pay the entire deductible then you keep on paying. A 70/30 to $10,000 plan means that after you pay the deductible, you continuing paying 30% of the next $10,000 which is $3,000.

Let's review. There is a $5,000 deductible and 70/30 to $10,000. Major illness, surgery, hospitalization occurs. You pay the first $5,000 of the bill then pay 30% of the next $10,000. Your total out of pocket expenses are $8,000 for that given year. That is it.

Out of Network Provider
A doctor (provider) who is not in the PPO list of the insurance company. If you use a doctor not on the list then it will cost you more money. The insurance company will still pay but at a lesser percentage, as well the negotiated PPO rate that the health insurance company is paying will be a much different rate than what the doctor is requesting. Keep it simple; see only doctors on the list if you can.

A doctor (provider) who is under contract by the health insurance company to see patients for a predetermined charge (rate, price). It is advantageous to you to use an in network provider.

PPO
Preferred Provider Organization. The insurance company will sign up hundreds, thousands or even hundreds of thousands of medical professionals to be part of their network. The larger companies will have doctors all over the United States.