It's no wonder fewer Americans than predicted have signed up for health insurance; it's all so new and confusing. Even the best-intentioned health insurance shoppers are bound to have their eyes cross and uncross a few times as they wade through the myriad of options.
The following guide can help you understand the differences in health insurance policies so you make the most cost-effective choice for your family. As always, don't hesitate to work with an experienced insurance agency for more personalized assistance.
Deductibles. If you don't have health insurance, you'll be billed for the entirety of your medical expenses. If you have insurance, you will be billed for most of the costs until you reach your deductible amount; a $1000 deductible means you'll spend $1000 out-of-pocket before your insurance takes over. The higher the deductible, the lower your monthly premium.
HMO. This stands for Health Maintenance Organization. These are often the most affordable comprehensive insurance plans but you're locked into specific providers and have to get approved referrals to see anyone outside the HMO plan. Your co-pay is often all you ever need to pay.
PPO. This stands for Participating Provider Options. Although these plans are often more expensive, and may require you to pay more out-of-pocket, you have much more freedom in regards to selecting your healthcare provider. You can see out-of-network providers, but this usually requires paying a little more. Your co-pay may only cover a portion of your visit.
Contact CCW to learn more about your health insurance options.