Health insurance is essential protection against medical bankruptcy. Understanding your options helps you choose the right coverage.
Types of Health Insurance Plans
HMO plans require using in-network providers. PPO plans offer flexibility but cost more. High-deductible plans pair with HSAs for tax advantages.
Key Terms:
- • Deductible: Amount you pay before insurance kicks in
- • Copay: Fixed amount per visit
- • Coinsurance: Percentage you pay after deductible
- • Out-of-pocket maximum: Most you'll pay annually
Choosing the Right Plan
Consider your health needs, preferred doctors, and budget. Use healthcare cost estimators. Compare plans during open enrollment.