Health insurance is not the type of insurance that you can buy and renew automatically year to year. Your needs may change, and you need to make sure your insurance meets those needs. It isn’t straightforward, and many things need to be considered. Harrison Insurance and Financials LTD in Hailey, ID has been helping the residents of Hailey, Sun Valley, and Bellevue for more than 30 years.
Deductible
Health insurance policies can have several deductible amounts. You may have a deductible on a particular tier of prescriptions in addition to the plan deductible, which is the amount you need to pay out of pocket before your health insurance covers services.
Copay
A copay is the portion of any service that you are responsible for paying. It will be different with each carrier and each plan, so you need to familiarize yourself with your plan.
HMO
HMO stands for health maintenance organization. It is a type of managed healthcare plan with a network of health providers who have contracts with the plan. They have agreed to accept payment for services at prearranged levels. This allows the plan to keep costs down, and these types of plans are usually less expensive. However, it would be best if you use providers in the network.
PPO
A PPO is a preferred provider organization. This is also a managed care type of healthcare, and they do have a network. You will get the best rates if you use the network providers. The difference is you have coverage if you choose to use a provider who is not part of the network.
Annual out-of-pocket maximum
This is the most you will ever have to pay out for medical expenses in a year, and it is an important figure if you ever have a serious illness.
Contact Harrison Insurance and Financials LTD in Hailey, ID for all your health insurance needs.
