What you Need to Know About Health Insurance

There is a lot to consider when it’s time to choose a health insurance plan, and a lot depends on what is available, what your needs are and what works for you financially.

Before you start researching which plan to pick, it’s important to know what options for coverage you may have available, and where you can get it.

Here are 3 main ways people get insurance coverage, through:

• An employer
• The government
• An individual plan

What you are eligible for may depend on your income, age, employment status, health condition and other factors.

For most health insurance, there is a limited time when you can enroll in, renew, or change your plan. This is called an open enrollment period. Open enrollment may be different across states or your employers, but it is typically at the end of each year. Major life events also qualify for a special open enrollment period, such as a birth or adoption, marriage, etc.

Make note of the open enrollment period for the health insurance options you qualify for to make sure you can get the care you need, when you need it.

There are different advantages and disadvantages to the type of healthcare plan you choose. Some are more affordable than others. Some offer more flexibility than others.

Here are 3 of the most common types of healthcare plans:

• Healthcare Maintenance Organization (HMO);
• Point-of-Service (POS); or
• Preferred Provider Organization (PPO).

Learn more about these types of plans and which one works best for you.

In addition to any premium you may be required to pay, out-of-pocket costs can be confusing. We want to make it easier for caregivers to understand what they may be required to pay, so there aren’t any surprises when you and your family visit the doctor.

How much you will pay will be based on the type of healthcare plan you choose and if your provider is in-network or out-of-network.