Terms to know when getting quotes individual or family health insurance

Finding a health insurance plan that covers your family and fits your budget requires a little familiarity with insurance terms. After all, if you’re not sure what co-insurance or deductible means, you may not know the true cost of your health insurance. Here’s a quick rundown of the most common terms you’ll see when comparing plans and how they shape the total cost of your plans.

Premium

 Your premium is the amount you pay on a monthly or other regularly scheduled basis to keep your coverage.

Deductible

 Your deductible is the annual amount you pay out of pocket for medical care before your insurance pays out.

Co-pay

 A co-pay is a fixed amount you pay for certain services, such as X-rays or specialist visits. Depending on the policy or insurer, your co-pay may count towards your deductible.

Co-insurance

 This is the percentage of your medical bills you pay once you reach your annual deductible. Some plans may pay for all your covered services after you meet your deductible.

When you quote health insurance with eHealth, you can see each plan’s office visit co-pay, deductible, and monthly premium amount all at once, making comparison shopping easy.

Options for individual & family health insurance plans

Besides your deductible, co-pay, etc., you should also look at the plan types available to you. Each one offers varying levels of choice and out-of-pocket cost, giving you a range of options to suit you or your family’s budget and healthcare needs. Here are a few of the most popular types of health insurance plans

PPO

 These plans provide a wide network of doctors and specialists you can visit for a reduced rate, usually without having to choose a primary care physician. A PPO plan typically includes a deductible, as well as co-pay or co-insurance for certain services.

HMO

 With an HMO plan, you can only see physicians within your network, and you need to get a referral from your primary care physician before seeing a specialist. A deductible and co-pay may be required, but these are usually minimal.

HSA

These plans include a health savings account, which lets you save money tax-free to pay for future medical bills. An HSA-eligible health insurance plan has a higher deductible than other plan types but is usually the least expensive option for major medical insurance.

Catastrophic health plan

A catastrophic health plan provides bare minimum health coverage, meant for those under the age of 30 or who qualify for a hardship exemption.

If you’re looking for a plan that offers more coverage than your current insurance, start by checking the plan type. In most cases, PPOs and HMOs offer more coverage for a higher premium, while HSA-eligible and catastrophic health plans cover less for a lower premium.
 

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