A BEGINNER’S GUIDE
TYPESOFHEALTH INSURANCE:
Health Maintenance Organizations (HMOs)
Preferred Provider Organizations (PPOs)
Pointof Service(POS) Plans
High Deductible HealthPlans (HDHPs)
Catastrophic Health Insurance
WhatisHealth Insurance?
Healthinsurancecoversthecostof medicalexpenses,includingdoctorvisits, hospitalizations,andprescriptiondrugs.
Thepoliciesvarywidelyintermsof coverage,price,andbenefitsandare typicallypurchasedthroughanemployer orthehealthcaremarketplace.
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UnderstandingInsurance Coverage
Insurancecoveragecanbecomplex,so it’sessentialtounderstandthebasics. Yourhealthinsurancepolicywilltypically includethefollowing:
Deductible:Theamountyoupayout-of-pocketbeforeinsurancecoverage kicksin.
Co-Pay:Afixedamountyoupayforcertainmedicalservices,suchasdoctor visitsorprescriptiondrugs.
Co-Insurance:Thepercentageofmedicalcostsyoupayaftermeetingyour deductible,typicallyasplitbetweenyouandyourinsurancecompany.
Out-of-PocketMaximum:Youwillpayout-of-pocketforcoveredmedical expensesinagivenyear.
Consideryourhealthcareneeds,budget, andpreferredhealthcareproviderswhen choosingahealthinsuranceplan.Lookat themonthlypremiums,deductibles,and co-paystodeterminetheplan’stotalcost, andmakesureyourpreferredhealthcare providersarein-network.
Enrollmentperiodsforhealthinsurance canvarydependingonyouremployeror thehealthcaremarketplace.Ifenrolling throughyouremployer,askyourhuman resourcesdepartmentforinformationon enrollmentperiodsanddeadlines.
Understanding InsuranceCoverage
EnrollinginHealth Insurance