Picking a health care plan can be intimidating. There’s a lot to get up to speed on between the unfamiliar terms, mysterious acronyms, health savings accounts, and optional coverage. Wouldn’t it be great if you could find all the information you need on how health insurance works in one place?
Well, you’ve come to the place. Here is a breakdown of everything you need to be prepared for open enrollment. You don’t need to know it all, just pick and choose what feels most relevant to your life. Before you know it, you’ll be ready to select your coverage with confidence.
1.What are premiums, deductibles, coinsurance, and copays?
These insurance terms refer to different kinds of payments that consumers are responsible for. The amount you’ll pay varies from plan to plan: For instance, higher premiums often mean lower deductibles.
2.What’s the difference between an HMO, POS, PPO and HDHP?
Each of these acronyms stands for a type of health care plan that lets you access doctors and services differently. Some plans require referrals to see a specialist while others do not; some plans offer a nationwide network of doctors, while others have a local focus.
3.FSA vs. HSA: How do health care accounts work?
If you like saving money, you’ll want to know more about Flexible Savings Accounts and Health Savings Accounts. Both let you deposit pre-tax dollars to cover health care expenses, saving you about 30 cents on the dollar.
4.What perks can I get through my health insurance?
Your health plan may offer benefits you don’t know about but should. Some will subsidize your gym membership; others have a medical hotline you can call 24/7. Read about other perks you might have access to, so you can make the most of your health insurance.
5.What health care decisions do I need to make when I get pregnant?
If you’re hoping to get pregnant in the coming year, you’ll want to check potential plans for their maternity and newborn coverage. Is your hospital or birthing center in-network? Does your carrier offer breastfeeding education and support?
6.What digital health tools are available to me?
There’s no substitute for human support, but sometimes the right digital tool is all you need. Some plans give you access to a suite of health tools that can deliver health information whenever and wherever you are. For example, telemedicine allows users to video-chat with doctors from a computer or smartphone for a preliminary diagnosis. This just one way that technology can improve your health care experience and your health.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
