As they’re choosing individual health insurance, New York residents might think the premiums they’ll pay each month are the only costs they need to consider.

However, there are other costs related to individual health coverage plans that can actually affect the monthly premiums and even increase, or decrease, what you spend each year.

Think About Deductibles

The deductible is the amount of money you must spend out of your own pocket before your health coverage plan kicks in. Generally, the higher a deductible you choose, the lower a premium you’ll pay each month.

When selling individual health insurance, New York health insurance carriers might encourage you to choose a high deductible as a way to get lower premiums. If you can afford to pay a high deductible, this is a good option; however, medical bills are often pricey, and if you can’t afford to pay large chunks of money all at once, it might be in your best interest to choose a low deductible and pay higher premiums each month.

Think About Co-Payments

The co-payment is the money you spend out of your own pocket each time you seek medical treatment.

The individual health insurance New York carrier generally sets the co-payment. Co-payments usually vary depending on what kind of medical professional you’re seeing. For example, the co-payment to see a family practitioner is often less expensive than the co-payment to see any kind of specialist.

Overall, you’ll pay significantly higher health coverage costs during a year when you seek medical treatment numerous times than you will during a year when you only visit the doctor a few times.

When they spend time shopping around for individual health insurance, New York residents can easily find carriers that offer co-payment terms they’re comfortable with.