Understanding Individual Health Insurance Plans
Simply put, health insurance is protection against medical costs. A health insurance policy is a contract between an insurer and an individual or group, in which the insurer agrees to provide specified health insurance at an agreed-upon price (the premium).
Health insurance usually provides either direct payment or reimbursement for expenses associated with illnesses and injuries. The cost and range of protection provided by your health insurance will depend on your insurance provider and the particular policy you purchase. If your employer does not offer a health insurance plan, you may wish to purchase health insurance on your own.
PPO- Preferred Provider Organizations:
To receive full benefits you must utilize a list of providers, “in the network” Use of non emergency providers outside the network will reduce your benefits and increases your out of pocket expenses.
HMO- Health Maintenance Organizations
To receive full benefits you must utilize a list of providers, “in the network” Most care must be directed through a “primary care doctor” Use of non emergency providers outside the network will not be covered.
HSA- Health Savings Accounts
A Health Savings Account is a tax-favored savings account combined with a qualifying high-deductible health insurance plan. First you must have a high-deductible health insurance plan that qualifies to be partnered with an HSA.
For Additional Information:
If you need additional information about anything covered in this slideshow, please don’t hesitate to contact one of our amazing agents at Senior Insurance Agency. We’re always happy to spend time with you and make sure you’re fully aware of what you need to know to make the best choices for you and your family.
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