Page 12 - Brady Corporation 2021 Annual Benefits California
P. 12
2021
Comparing the Options
Before you review your medical plan options, you’ll
need to understand how they work. Start with these
terms.
Coinsurance: A set percentage you pay of the
cost of the care you receive, for example 20%.
Copay: A set dollar amount you pay when you
receive healthcare, for example $35 when you
see a specialist.
Deductible: A set amount you must pay out of
your pocket before the plan starts paying part of
the cost, unless a copay applies.
Network: A group of providers your plan
contracts with at discounted rates. You will almost
always pay less when you receive network care.
If you choose to see an out-of-network provider,
you may be billed for the balance. This means
you will be responsible for charges above the
plan reimbursement amounts.
Out-of-pocket maximum: The most you will pay
in a calendar year for doctor visits, prescriptions,
etc., for covered expenses and includes your
deductible, copays and coinsurance. This “safety
net” provides peace of mind for those who have a
serious condition or illness.
12
Comparing the Options
Before you review your medical plan options, you’ll
need to understand how they work. Start with these
terms.
Coinsurance: A set percentage you pay of the
cost of the care you receive, for example 20%.
Copay: A set dollar amount you pay when you
receive healthcare, for example $35 when you
see a specialist.
Deductible: A set amount you must pay out of
your pocket before the plan starts paying part of
the cost, unless a copay applies.
Network: A group of providers your plan
contracts with at discounted rates. You will almost
always pay less when you receive network care.
If you choose to see an out-of-network provider,
you may be billed for the balance. This means
you will be responsible for charges above the
plan reimbursement amounts.
Out-of-pocket maximum: The most you will pay
in a calendar year for doctor visits, prescriptions,
etc., for covered expenses and includes your
deductible, copays and coinsurance. This “safety
net” provides peace of mind for those who have a
serious condition or illness.
12
