Health insurance helps cover the cost of medical expenses. It is essential because it protects you from high healthcare costs, ensures you get timely medical care, and can provide access to a broader network of healthcare providers.
There are several types of health insurance plans, including Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), Exclusive Provider Organization (EPO), and Point of Service (POS) plans. Each plan type offers different levels of coverage, flexibility, and costs.
Consider factors such as your health needs, preferred doctors and hospitals, coverage options, premiums, deductibles, co-pays, and out-of-pocket maximums. It’s also helpful to compare different plans to find the one that best fits your needs and budget.
A premium is the monthly fee you pay for insurance coverage. A deductible is the amount you pay out-of-pocket for healthcare services before your insurance starts covering costs. A co-pay is a fixed amount you pay for specific services or medications. An out-of-pocket maximum is the most you will pay during a policy period before your insurance covers 100% of the allowed amount.