Learn about health insurance and how it can protect you. The benefits that come from having health coverage can be life changing — and in some cases, life saving. And even with the different expenses that come with having health insurance, the amount you save with it can ultimately save you much more.
Many people wonder what health insurance is and why they need it. Health insurance is a type of insurance coverage for medical expenses incurred for medical treatments or preventive services. When you buy a policy, you agree to pay monthly payments for coverage. Then, your plan covers a percentage of your medical services, leaving you paying a much lower amount than you would without insurance.
Health insurance is available through public and private insurance marketplaces as a personal or family plan. Your place of work, an organization, or alumni group can also provide health insurance plans.
Each plan category is designed to cover a certain percentage of the average population’s medical costs. Depending on the plan category, or metal level, your purchase determines the percentage of how much you pay out of pocket for your medical services, as well as the percentage your plan covers for your services and supplies:
- Bronze Level: Plan is designed to pay 60%, plan participants would pay around 40%.
- Silver Level: Plan is designed to pay 70%, plan participants would pay around 30%.
- Gold Level: Plan is designed to pay 80%, plan participants would pay around 20%.
- Platinum Level: Plan is designed to pay 90%, plan participants would pay around 10%.
The metal level you choose to purchase has no effect on the quality or amount of care you receive. Under the Affordable Care Act (ACA), all plans offer a list of 10 essential benefits.
Four Categories of Health Insurance
Within each type of health insurance plan, there are different plan categories that determine how much your health insurance provider covers and how much you'll pay out of pocket. There are three out-of-pocket costs you may see:
- Deductibles: the amount you must pay for covered services before your plan starts covering costs.
- Copayments: a fixed amount you pay for certain services.
- Coinsurance: the percent amount you pay with your insurance to cover cost of service. Coinsurance starts after you've met your deductible amount.
Buying health insurance is no easy decision. That's why we're here to help. We at HealthMarkets Insurance Agency have dedicated ourselves to making buying health insurance as easy as possible. With our local, licensed agents available near you, we work with your health needs to find an affordable health insurance plan for you.