What is a premium?
A premium is the monthly cost of keeping your insurance policy in effect. Health insurance premiums are determined by a variety of factors, including your medical history, your lifestyle, and your current health status.
What is a deductible?
A deductible is an amount of medical expenses you are responsible for paying before your insurance starts covering you. A common deductible is $2,500, this means you would be responsible for paying the first $2,500 in medical bills before receiving coverage. Having a higher deductible usually means you enjoy lower monthly premiums.
What is a co-payment?
A co-payment is a fixed-dollar amount that you are responsible for paying for a particular medical service. For example, many plans have $20 co-payments for doctor’s visits. This means it only costs you $20 to see a doctor.
What is coinsurance?
Coinsurance is an amount of the cost of a medical service that you are responsible for paying. Unlike a co-payment, which is a fixed-dollar amount, coinsurance is expressed as a percentage. For example, many insurance plans have 20% coinsurance for hospital costs, meaning you pay 20% of the total cost of a trip to the hospital.
What’s an out-of-pocket expense?
An out-of-pocket expense is any cost you have to pay yourself when receiving medical care. This includes your deductible, co-payments, and coinsurance. Most health insurance policies have an annual maximum out-of-pocket expense. Once you’ve paid out enough money to meet that maximum, your insurance company will pay the rest of your medical costs.
What is managed care?
Managed care is a form of health insurance that stresses preventive medicine and affordability. In a managed care plan, you typically choose a Primary Care Physician who is responsible for approving specialist and hospital care. Managed care was originally introduced as a way to control healthcare costs. It’s now the most common form of health insurance in the United States. HMOs and PPOs are examples of managed care.
What is a Health Savings Account?
A health savings account (HSA), is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a High Deductible Health Plan (HDHP). The money you deposit in an HSA is tax-free. You don’t pay taxes on qualified withdrawals, either. In effect, it’s like getting extra money from the government to pay for healthcare. To open an HSA, you first have to purchase a high deductible health plan.
Why should I buy health insurance?
Having health insurance isn’t just about paying medical bills. It’s about knowing that you’ll always have access to quality care. Health insurance makes seeing the doctor easy and affordable and that means you’re more likely to stay healthy.
How can I explore my health insurance options?
The best way to explore your health insurance options is to get the advice of a professional broker. Our instant quote tool will let you get started comparing plans in just minutes. When you request free quotes, you’ll see your options side-by-side. To learn more about which options are right for you, contact us, we’re always happy to answer your questions.
What’s the best policy I can buy?
That depends on who you are. There is no single best policy for everyone. To find out which plans are right for you, fill out this short form and get your free online quotes.
What Should I Know About the Patient Protection and Affordable Care Act (PPACA, or “ObamaCare”)?
Because we value your time, we’ve quickly summarized the ten things we believe you need to know to help you navigate health reform.
- As of 01/01/2014—All new plans on or off the federal exchange marketplace are guaranteed issue with no exclusion of pre-existing conditions—which means the insurance company cannot deny you for coverage and they can’t exclude any of your medical conditions.
- If you want a 01/01/2016 effective date, your broker will help you enroll in a plan before 12/15/2015. Applications submitted between 12/16/2015 and 01/15/2016 will become effective 02/01/2016. The last day of the Open Enrollment Period (OEP) is 01/31/2016.
- If you miss this window, you will not be able to enter the system until 01/01/2017, unless you qualify for a special enrollment.
- Anyone making under 45,960 (single), $62,050 (couple) or $94,200 (family of 4) may receive federal subsidy to help you pay for your health insurance. If you are eligible for a subsidy, your broker will assist you in purchasing your health plan on the exchange marketplace and you will receive an immediate premium discount at the time of purchase, no extra forms, no waiting.
- If you are eligible for subsidy, you will buy your insurance on the federal exchange marketplace, with help from your broker.
- If you are NOT eligible for subsidy you can buy your insurance, with the help of your broker, OFF the federal exchange marketplace.
- All Americans will be required to purchase health insurance, or pay a penalty. This penalty increases every year. In 2016 and later years it’s 2.5 percent of income or $2,085 per person, whichever is greater. After that it’s adjusted for inflation.
- You may keep your current plan but upon its renewal in 2016, it will be converted to a more costly Health Reform compliant plan. Speak with your broker to determine if early renewal is right for you.
- The amount you pay for insurance will NOT be determined based on your health history. Rates are primarily based upon age, zip code, and tobacco status.
- Prices for ACA plans are expected to cost significantly more than plans today due to Health Reform mandates. The ACA plans are richer plans, more robust than “grandfathered” plans prior to 12/31/2013, and therefore will cost more.
Before you take the next step you need to consider your health, age, income and current coverage options to determine if you should move quickly into a Reform compliant plan or take steps to delay your entrance into the world of Obamacare.
Feel free to call or email MyHealthQuoter.com, so that we can schedule a time to analyze your unique situation.
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