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Questions frequently asked by clients and their concerns about the financial aspect of their treatment part is also extremely stressful and can be overwhelming. Therefore, you  will be able to meet with the financial team and your specific treatment provider to discuss insurance coverage and any financing options available. Some of these common options include using insurance, paying out of pocket, or getting a financing plan for costs you cannot cover. 

These are some of the common terms you may hear when reviewing your insurance or seeking addiction treatment.

• Premium: The premium of your insurance plan is simple. A premium is the set amount of money you pay monthly in order to keep your insurance. Generally, the lower the premium, the less coverage you will have from your private health insurance provider.
• Deductible: One of the most important insurance terms to know is the deductible amount. Your deductible is the yearly out-of-pocket amount you must meet before your insurance plan covers costs.

  Generally, the lower the deductible, the more expensive and high-tiered the insurance plan is. For example, if you have a $2,000 deductible, this means that you must pay the first $2,000 of your medical costs before insurance kicks in. Usually, insurance deductibles reset at the beginning of each year. 

• Co-Payment: Your co-payment is usually a standard set rate that your insurance provider will charge for certain services. Often, these will be listed directly on your insurance card.

  For example, you may have a primary care co-pay of $25. This means that every time you go to see your primary care physician, you will pay $25 and your insurance will cover the remaining costs. 

• Coinsurance: This term involves the amount of money you’ll pay out of pocket for certain types of medical costs, mental health costs, or surgical costs. These vary depending on the type of insurance plan you have. Oftentimes, these are set rates that usually are 60/40, 70/30, 80/20, or 90/10.

  For example, if your insurance plan has a 80/20 coinsurance model, you will pay for 20% of the cost of rehab out of your own pocket, while your insurance provider will cover the remaining 80% of eligible costs.