Getting a health insurance plan for the first time can be quite foreboding. Insurance has a lot of jargon that can be near impossible for a beginner to understand. If you're lost and don't even know where to start differentiating between different health plans, here are some great places to start.
Premium
The insurance "premium" will be one of the most important pieces of information to look for. This will tell you the amount that you will need to pay for the insurance, often monthly or yearly.
Is a Medicare supplement (also known as Medigap) the right insurance plan for you? According to the U.S. Centers for Medicare and Medicaid Services (CMS), more than 63 million Americans have Medicare. If you're one of the millions enrolled in Parts A or B, take a look at dos and don'ts that can help you to decide whether a supplement will meet your healthcare coverage needs.
Do Consider Copays and Coinsurance
If you are someone with only original Medicare coverage (Parts A and B) you may wonder if that is enough coverage for all of your medical needs. If you are unsure about exactly how much coverage you need, it is wise to err on the side of being overcovered. You can get additional coverage by purchasing a Medicare supplement insurance plan, also called a Medigap plan. If you are not extremely familiar with Medicare supplement plans, there are a few things you may want to know before you sign on the dotted line.
If you are currently enrolled in Medicare or if you will be eligible to enroll in Medicare soon, then you might have started looking into options like Medicare Advantage. As you might already realize, Medicare Advantage is actually an alternative to Medicare that is available for those who are eligible for Original Medicare. If you're thinking about signing up for Medicare Advantage and if you're on a tight budget — as is the case for many people who are disabled or retired — then you could be wondering about costs.
One of the most important things to have is a reliable health insurance plan. An illness or injury can occur when least expected, and without health insurance, this can lead to a very costly unwanted expense. One of the types of health insurance plans that consumers have to choose from is a Preferred Provider Organization plan or PPO. These are some of the advantages of having this type of health insurance coverage.
