Need Affordable Health Insurance?

Do you currently have health insurance?

 

 

 

 

 

26 And Off My Parents Insurance Plan

You’re off on your journey of adulting and need to find health insurance.  It can be a very daunting task to wade through some of the terms and types of insurance plans.

First thing to know is that there are two types of health insurance out there, public and private.

Private insurance is what you obtain through your employer or through the government.  Employers usually offer health insurance to full time employees at a discounted rate for the individual and it goes up from there depending on what type of insurance you need and how many family members you would need to add to your plan.

Public insurance, or Medicare & Medicaid, are offered through the government.  These plans are for people 65 and older in the case of Medicare.  And Medicaid is for low-income individuals and families.

There are annual open enrollment periods for insurance that allow you to sign up for insurance or make changes to your coverage.  The exception to this rule is when an individual has a life change, such as termination from an employer or an addition to the family.

There are premiums and deductibles with insurance.  Premiums are what you pay monthly to maintain your coverage.  Deductibles are a certain level that you need to pay before the insurance starts paying for the treatment you get from a doctor.   Usually, the higher the deductible, the lower the premium and vise versa.  What you can afford as a monthly payment will determine how high the deductible is.

Employer coverage usually offers a couple of different kinds of plans HMO and PPO.  HMO or Health Maintenance Organization has doctors within a certain network that you will need to choose a Primary Care Physician.  In order to get specialized care, your PCP will need to get you a referral in order to see a specialist.  PPO or Preferred Provider Organization allows you to see whatever doctor you choose but choosing a doctor within their network is usually the cheaper option.  PPOs tend to carry a higher premium than HMOs.

Armed with these few terms will help you in obtaining health insurance either through an employer or on your own.  It is by no means a comprehensive outline of all that health insurance details, but it’s enough to ease the confusion.