Before you set out to purchase a policy, here are four questions that may simplify the process for you.
4 Questions to Ask Before Buying Health Insurance
1. What type of plan am I looking for?
- A PPO, or a Preferred Provider Organization, allows you to pay less if you visit a doctor within a network of providers, with no referral necessary.
- HMOs, or Health Maintenance Organizations, require you to coordinate your healthcare through a primary care physician. In an HMO, you can only see doctors that are within the HMO network.
2. What coverage level should I choose?
- The right insurance policy will cover the services you need, whether that’s prescription drug coverage or coverage for certain medical specialists.
3. What will my monthly bill look like?
- Insurance policies often include a monthly premium, which is a payment that guarantees your coverage. That premium can be reduced through subsidies.
4. How much will I pay out-of-pocket?
- A deductible is out-of-pocket money that you spend before your insurance coverage kicks in. In other words, even if your premium fits your budget, it’s important to consider if your deductible will make medical care too expensive.
- A copay is a fee your insurance company requires you to pay for a certain medical service or supply.
- Coinsurance is the percent that you may be required to pay for covered medical services after you have satisfied your plan deductible.
We have some good news about buying health insurance: there’s help. And it’s free. HealthMarkets Insurance Agency’s licensed agents can guide you through a portfolio of insurance plans from over 180 insurance companies nationwide.
https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/downloads/highlights.pdf | http://www.washingtonpost.com/national/health-science/whats-the-best-health-plan-for-you-hmo-ppo-epo-or-pos/2014/08/25/772f96a8-27c1-11e4-958c-268a320a60ce_story.html | http://www.healthmarkets.com/blog/common-health-insurance-terms-definitions/ | http://www.healthmarkets.com/health-faq/