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Marital Finances: Health care Premiums and Out-of-Pocket Expenses

Health care premium

When it comes to healthcare insurance plan costs that you will incur, there are two types:

  • Monthly Premium
  • Out-of-Pocket Expenses

The monthly health insurance premium or medical insurance premium is just what it sounds like…it is the set monthly payment that is paid to the insurance carrier (direct or through your employer). The health care premiums are set according to the type of plan, metal tier, and coverage tier. Thus, there can be a significant difference in costs between the plans. Think of it like this…plans requiring an individual to pay more out-of-pocket are going to be less expensive than those that require less and the fewer individuals covered in the plan, the more likely it will cost less (thus family coverage being the most expensive).