Insurance Costs Consumers typically pay the following types of costs when they have insurance. Premium: The premium is an amount of money a consumer pays for a health insurance plan. The consumer and/or their employer usually make this payment bi-weekly, monthly, quarterly, or yearly. The premium must be paid regardless of how many services, if … Continued
Does a Health Plan Typically Pay for Services from Any Doctor? Not always. Some types of plans encourage or require consumers to get care from a specific set of doctors, hospitals, pharmacies, and other medical service providers who have entered into contracts with the plan to provide items and services at a negotiated rate. The … Continued
What is Health Insurance and Why is it Important? Health insurance is a legal entitlement to payment or reimbursement for your health care costs, generally under a contract with a health insurance company. Health insurance provides important financial protection in case you have an accident or sickness. For example, health insurance may help to pay … Continued
Protection from high medical costs Health insurance provides important financial protection in case you have a serious accident or sickness. People without health coverage are exposed to these costs. This can sometimes lead people without coverage into deep debt or even into bankruptcy. It’s easy to underestimate how much medical care can cost: Fixing a … Continued
If you have a health plan through a job, you can use a Flexible Spending Account (FSA) to pay for health care costs, like deductibles, copayments, coinsurance, and some drugs. They can lower your taxes. How Flexible Spending Accounts work A Flexible Spending Account (FSA, also called a “flexible spending arrangement”) is a special account … Continued
Not understanding benefits terminology is near the top of the list of ways that open enrollment and benefits selection can stress you out. Open enrollment is coming quickly and soon you will be talking about benefit options. The world of benefits and insurance can be confusing. In-network, out-of-network, deductibles, co-pays and co-insurance? What? Let us … Continued
Are you the type of person who loves to save money? You’ll be happy to know that there’s a way to do so with your health care costs. It starts with medical expense accounts which let you set aside money to pay for certain health products and services. One type of medical expense account is … Continued
Healthcare costs, and consequently employee health benefit costs, have been growing at an alarming rate in recent years. The U.S. as a nation spends more on health care than any other developed country but has worse health outcomes. How is this possible? Four Key Factors Driving U.S. Healthcare Costs: Aging Population Healthcare gets more expensive … Continued
Health care is expensive but there is good news: Most insurance plans come with free preventive care and benefits. There is a lot of confusion around what is and isn’t preventive care – and why it matters. Here is what you need to know. What is Preventive Care and Why Is It Important? Preventive care … Continued
Getting sick can be expensive. Even minor illnesses and injuries can be very costly to diagnose and treat. Health care coverage helps you get the care you need and protects you and your family financially if you get sick or injured. We’re breaking down the health insurance basics. Because, when you understand it, you’re more … Continued
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