LEARN MORE ABOUT HEALTH INSURANCE

Understand The Acronyms

A PPO network is a network of healthcare providers that offer services at negotiated rates to members of a health insurance plan, providing flexibility to see both in-network and out-of-network providers, offering nationwide coverage. An EPO network requires care from in-network providers, except for emergencies, while an HMO network limits providers and requires a primary care physician for referrals to specialists. These networks offer different cost and coverage considerations within health insurance plans.

Deductibles

An insurance deductible is the specified amount of money that an individual must pay out of pocket for covered medical expenses before their insurance coverage begins to contribute or reimburse for those expenses. If you go to the doctor once every couple months for minor treatments or a physical, you are unlikely to meet your deductible, the lower the deductible for a healthier individual the better!

Monthly Premiums

Insurance monthly premiums refer to the regular payments made by policyholders to their insurance provider in exchange for continued coverage. These premiums are typically paid on a monthly basis. The average rule of thumb for the price of an individual monthly premium rate is to take your age and add a zero. If you are paying more than that, you are overpaying!

Public vs. Private Marketplace Plans

Private and public marketplaces for health insurance differ in their operators and types of plans available. Private marketplaces, run by private entities, offer a range of plans with additional services to compare and manage coverage. Public marketplaces, operated by the government under the ACA, provide various plans, including subsidized options, and have specific regulations. Evaluating both options is crucial to find the most suitable coverage based on your needs.