Health Insurance: The Basics
Health insurance is designed to protect you and everyone covered under your plan from the astronomical costs of medical services you may need when you are sick or injured. You choose a plan, whether that be an individual plan through the marketplace or during your company’s open enrollment, that best suits you based on cost and specific coverages, such as deductible, specialist visits, emergency room costs, or prescription coverages.
Each month, you pay a premium, which is your cost to remain enrolled in the health insurance plan you chose. By paying your premium, your health insurance carrier covers a portion of the medical services you need. Depending on your income, you may qualify for a subsidy. Reach out to an insurance specialist to find out if you may qualify or to figure out which plan is right for you.
Whether you’re new to the insurance world or a seasoned broker, the best thing you can do is stay up to date with insurance terms.
Why do I need insurance?
Though no one plans on getting sick or injured, it’s inevitable that at one point in your life, one or both of these may happen. Medical bills can be overwhelming and it’s better to be safe than sorry by enrolling in a plan than it is to be stuck with medical bills that you can not afford to cover illnesses or injuries by paying for prescriptions, emergency room services, and more.
How do I choose the right plan?
Every plan has different features that may be appealing to different people. There are two main factors to consider:
Affordability
Affordability may be the most important factor to consider when choosing an insurance plan. A tiered network, such as the Keystone HMO Proactive plans that saves you money when you visit specific doctors and hospitals, or a higher deductible plan that can be used with a Health Savings Accounts (HSA) to save tax-free dollars are great options to make health insurance more affordable.
Flexibility
If it is important for you to be able to go see a specialist without a referral, or have a doctor’s visit out-of-network, make sure that the plan you choose allows for this flexibility, such as a PPO plan.
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