Health insurance, like auto insurance or home insurance is a way of protecting yourself and your family from paying the full cost of medical services. Virtually everyone needs health insurance.
Types of Health Insurance
There are several types of health insurance, but all fall into one of two categories:
- Public (like Medicaid, Medicare and CHiP) and
- Private (either individual or through employer sponsored plans).
Several Components
Health insurance plans have several components:
- Premium,
- deductibles,
- co-pays and
- out of pocket costs.
Selecting A Plan
Choosing a plan that best fits your needs will determine cost and expenses associated with a plan. For example, people who generally don’t see a doctor often, outside of routine exams may look for a lower premium plan with a higher deductible.
The deductible is the patients responsibility before the insurance provider pays.
Others have higher interactions with medical providers and may look for a lower deductible, lower out of pocket costs. These tend to have higher premiums. Most plans have out of pocket maximums and can include an additional amount once your deductible has been reached.
Types of Individual Health Insurance
Additionally, there are many “types” of individual health insurance:
- HMO,
- PPO,
- Short Term and
- Catastrophic plans.
Which plan is right for you depends on a variety of factors and availability.
Plans can be purchased directly from a provider or on the Federal Marketplace.
We Are Here To Help
Navigating the health insurance market can be daunting. The very best way to choosing a plan is to consult a professional. They can explain in depth your options and assist you in making the best choice for you and your family.
