There are so many different health plans available. Choosing the right one for your needs may seem overwhelming at first, as there are many different options. However, researching and speaking with an insurance professional are great ways to learn more about the different possibilities and select the one that will be best for you.
Deductibles are amounts that are typically paid yearly. Before an individual reaches their deductible, they won’t have the full scope of their health insurance policy. Once the deductible is met, they will typically have access to their full policy. Deductibles are expected to be paid entirely out-of-pocket, though there is a program that can help pay for some deductibles.
High-Deductible health plans
High-deductible health plans are an insurance option that some choose in order to save money. This may sound contradictory, as they do have a higher deductible than other plan options. However, these types of policies typically have lower premiums.
Premiums are amounts that must be paid monthly, whether or not you use your health insurance coverage. Deductibles are amounts that are only paid when your coverage is used. This means that you could potentially save more money if you don’t use your health insurance coverage.
Why choose a high-deductible option?
If you are not anticipating using your health insurance but still want to have it in case of an emergency, then this is an excellent option to save you as much money as possible.
Medigap
Medigap is supplemental insurance that’s solely for those enrolled in Original Medicare. The purpose of Medigap is to cover some of the costs that would otherwise need to be paid for out-of-pocket. Enrolling in Medigap is an excellent way to save money and make sure that you’re paying as little as possible. There are two different Medigap policies that have high-deductible options. It’s important to keep this in mind while you’re looking at all of the choices that are available to you.
Making the right insurance choices for you
There are so many different things to keep in mind when you’re looking at different insurance policies. What areas of your insurance you’ve used in the past, any current medical needs you have, and what you’re anticipating the future being like are all things that should be taken into account. High-deductible policies are an excellent choice if you’re not anticipating using your health insurance and are looking for a low premium option. Taking advantage of this choice is a great way to save money while still having access to healthcare.
If you’re interested in learning more about your health insurance options, you can contact us today. We’re here to provide you with information and make sure you have the tools you need to select the right policy for you. We look forward to speaking with you and working with you on your health insurance journey.
Medicare is health insurance that’s primarily made for those 65 and older. It functions as a typical health insurance policy and can save beneficiaries thousands of dollars when it comes to medical costs. Understanding Medicare and the way its coverage works is essential, so let’s go over some of the basics.
There are two main policy options, Medicare Advantage and Original Medicare. Which option you pick will depend on how much flexibility you want your policy to have and the type of coverage you want it to provide. If you want to be able to add additional areas of coverage, then you’ll most likely want to select a Medicare Advantage policy. If you want standardized coverage that includes many basic costs, Original Medicare might be the best choice.
Dual enrollment
Being enrolled in two different health insurance policies, also known as dual enrollment, is entirely possible with Medicare. One of the most common dual enrollments includes both Medicare and Medicaid. This is an excellent option for those that are in a low-income bracket. Eligibility for Medicaid primarily depends on income, while Medicare eligibility primarily depends on age.
Having both policies is a great way to make sure that you’re saving as much money as possible and using your policy to its full extent.
Special Enrollment Periods
Medicare is very specific about enrollment periods. Special Enrollment Periods are granted to those with special circumstances, such as those who have employer health insurance when they would typically enroll in Medicare. Getting a Special Enrollment Period means that you can choose to delay enrollment if that makes the most sense for you.
Maximizing your health insurance policies
Saving money is important, and that’s why Medicare exists. In fact, enrolling in two different policies is one of the best ways to save as much money as possible on your medical bills. Understanding your policies and what they include will help you make educated and intentional decisions to save you as much money as possible.
If you’re curious about ways to maximize your health insurance, it can be helpful to reach out to an insurance agent that can provide you with some answers.
If you’re ready to work with an insurance agent, you can give us a call, and we can set up an appointment. Working with new and existing clients is something we love doing, so we look forward to speaking with you and discussing all of your Medicare options!
ACA plans refer to health insurance plans that are sold on the health insurance marketplace. These marketplaces are managed by the state or federal government. By law, All ACA plans must cover certain essential benefits. These benefits must include:
- Emergency services
- Outpatient services
- Hospitalization
- Maternity care
- Mental health care
- Behavioral health services
- Prescription drug coverage
- Rehabilitative services
- Habilitative services
- Pediatric services
- Preventive and chronic disease management services
There are four different types of ACA plans: PPO, POS, HMO, and EPO.
PPO, HMO, POS, and EPOs
Preferred Provider Organization plans (PPO) are one of the most popular ACA plans. PPO plans allow you to visit any in-network provider without requiring a referral. Also, the plan provides coverage for in-network and out-of-network care, though out-of-network care costs more. If you want the freedom to choose any healthcare provider or you want some out-of-network care coverage, then PPO plans may be right for you.
HMO plans will require you to choose a primary care doctor, and you will need a referral for specialist visits. However, many HMO plans have lower out-of-pocket costs. This is because HMOs provide healthcare coverage that is limited to in-network providers.
Point of Service plans are basically a combination of HMO and PPO plans. Like an HMO, a POS will require you to choose a primary care doctor and get referrals when needed. But, like a PPO plan, you can also receive your care outside of the provider network, though this will cost more.
With Exclusive Provider Organization (ECO) plans, you can exclusively use the healthcare providers within the plan network but cannot get coverage for out-of-network care.
ACA Plan Categories
ACA plans are also grouped by metal tiers, or categories. The metal tiers are not used to determine the quality of care. They are used to determine how the costs will be split between you and your chosen plan.
The four metal tiers are bronze, silver, gold, and platinum. In the bronze plan, 60% of medical costs are paid by the insurer, while the consumer covers 40%. Bronze tier plans have the lowest monthly premiums, but the highest out-of-pocket costs.
Silver plans cover 70% of medical costs while the policyholder covers 30%. The monthly premium cost is considered moderate compared to higher tiers.
Gold plans have higher premiums but lower deductibles. They cover 80% of the medical costs, while you cover 20%.
Platinum tier plans cover 90% of the medical costs. They have the lowest deductibles but have the highest premiums. However, the plan will cover almost all the medical costs.
Contact Us Today!
At iHealthcare, our agents will guide you through the process of choosing an affordable health insurance plan suitable for your healthcare needs. For more information on how we can help, call us today at 713-900-1901.
