5 Things to Know About Health Insurance
- There are many kinds of private health insurance policies. Different kinds of policies can offer very different kinds of benefits, and some can limit which doctors, hospitals, or other providers you can use.
- You may have to pay coinsurance or a copayment as your share of the cost when you get a medical service, like a doctor’s visit, hospital outpatient visit, or a prescription. Coinsurance is usually a percentage amount (for example, 20% of the total cost). A copayment is usually a fixed amount (for example, you might pay $10 or $20 for a prescription or doctor’s visit).
- You may have to pay a deductible each plan year before your insurance company starts to pay for care you get. For example, let’s say you have a $200 deductible. You go to the emergency room and the total cost is $1,250. You pay the first $200 to cover the deductible, and then your insurance starts to pay its share.
- Health insurance plans contract with networks of hospitals, doctors, pharmacies, and health care providers to take care of people in the plan. Depending on the type of policy you buy, your plan may only pay for your care when you get it from a provider in the plan’s network, or you may have to pay a bigger share of the bill.
- You may see products that look and sound like health insurance, but don’t give you the same protection as full health insurance. Some examples are policies that only cover certain diseases, policies that only cover you if you’re hurt in an accident or plans that offer you discounts on health services. Don’t mistake insurance-like products for full comprehensive insurance protection.
3 Things to Know About the Health Insurance Marketplace
- It’s an easier way to shop for health insurance. The Marketplace simplifies your search for health coverage by gathering the options available in your area in one place. With one application, you can compare plans, and explore any free or low-cost programs you may qualify for.
- Most people can get a break on costs. When you use the Health Insurance Marketplace you may be able to get lower costs on your monthly premiums and out-of-pocket costs. When you fill out your Health Insurance Marketplace application, you’ll find out how much you can save. Most people who apply will qualify for some kind of savings.
- Gives you control over your options with clear, apples-to-apples comparisons. In the Marketplace, information about prices and benefits is written in simple language. You get a clear picture of what premiums you’d pay and what benefits and protections you’d get before you enroll. Compare plans based on what’s important to you, and choose the combination of price and coverage that fits your needs and budget.