Understanding Health Insurance

Understanding
Health Insurance

Featured Health Insurance Articles
Copays, deductibles and coinsurance all work together to limit your out-of-pocket medical expenses and help protect your finances. Let's take a look at each of these terms, and how they affect your overall medical expenses. Learn more
Whether you're unemployed, self-employed, an early retiree, between jobs, or a student, it’s highly likely that you are required to have health insurance. Because of Health Care Reform and the Affordable Care Act, you can choose the health insurance plan that best fits your needs. Learn more
You can change your plan within 60 days of a qualifying life event such as lost coverage from work, recent move, family additions, and other reasons. Learn more
The federal Marketplace (Healthcare.gov) and state Marketplaces are public websites that provide information to help you shop for health insurance plans. Here are some frequently asked questions (FAQs) about the Marketplace. Learn more
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LEARN THE LINGO

EOB

Explanation of benefits (EOB) is after you visit your doctor, you'll get an explanation of benefits outlining the services you received, how much they cost, and how much your plan paid

EPO

Exclusive Provider Organization (EPO) Plan is a managed care plan where services are covered only if you visit doctors, specialists, or hospitals in the plan's network (except in an emergency).

HMO

Health maintenance organization (HMO) is a type of medical plan that limits eligible coverage to a local service area and may not provide out-of-network coverage except for emergencies as defined by the plan.

HSA

Health Savings Account (HSA) is a tax-advantaged savings account used to pay for qualified health care costs. The account may be funded by an individual, an employer or both.

OOP

Out-of-pocket (OOP) is the total of your payments for covered expenses, which may include deductible, copayments, coinsurance and fees.

PPO

Preferred Provider Organization (PPO) is a health plan made up of health care professionals and hospitals contracted to deliver services at a negotiated rate (discount).