Frequently Asked Questions
What is health insurance?
Answer: Health insurance is a type of insurance that covers the cost of medical expenses, including doctor visits, hospitalization, and prescription drugs.
Why do I need health insurance?
Answer: You need health insurance to protect yourself and your family from the high cost of medical care. Without health insurance, a single medical emergency could lead to financial hardship.
What types of health insurance plans are available?
Answer: The types of health insurance plans available include HMOs, PPOs, EPOs, and POS plans. Each of these plans has different benefits and limitations. PPO networks typically have the best coverage, can be used nationwide, have access to specialists without needing a referral, amounst other great perks.
What is a deductible in health insurance?
Answer: A deductible is the amount of money you must pay out of pocket before your health insurance coverage kicks in. For example, if you have a $1,000 deductible and you incur $2,000 in medical expenses, you would pay the first $1,000 and your insurance would cover the remaining $1,000.
What is a copay in health insurance?
Answer: A copay is a fixed amount of money you pay for a covered medical service. For example, if your health insurance plan has a $20 copay for doctor visits, you would pay $20 each time you visit the doctor.
What is coinsurance in health insurance?
Answer: Coinsurance is the percentage of medical costs that you are responsible for paying after you meet your deductible. For example, if your coinsurance is 20%, you would pay 20% of your medical costs and your insurance would cover the remaining 80%.
What is a network in health insurance?
Answer: A network is a group of doctors, hospitals, and other healthcare providers that have contracted with an insurance company to provide services to their members. Using a provider within your network can help you save money on medical expenses.
What is an out-of-pocket maximum in health insurance?
Answer: An out-of-pocket maximum is the most you will have to pay for covered medical expenses in a given year. Once you reach your out-of-pocket maximum, your insurance will cover 100% of your medical costs.
What are “front end benefits”?
Answer: Front end benefits are benefits like built in doctor visits, prescriptions, yearly checkups, and lab work that are available without having to pay a deductible first. Meaning if you get sick, or need to refill a medication, you won’t have to pay out of pocket.
How do I choose the right health insurance plan?
Answer: To choose the right health insurance plan, you should consider your healthcare needs, budget, and preferences. You should also compare plans from different providers to find the one that offers the best coverage at the most affordable price. A health advisor like those here at Oddo Health Consulting can help you and your family find the best plan based on your specific needs.
How can I enroll in a health insurance plan?
Answer: You can enroll in a health insurance plan through your employer, through the health insurance marketplace, or through a private insurance company, like Oddo Health Consulting. The enrollment process may vary depending on the provider, so it’s important to follow their specific instructions.