Frequently Asked Questions
What is a health insurance premium?
A health insurance premium is the amount you pay for your health insurance every month. It's the fee you pay to have an active health insurance policy, regardless of whether you use medical services.
What is a deductible in health insurance?
A deductible is the amount you pay out-of-pocket for covered healthcare services before your insurance plan starts to pay. Higher deductibles usually mean lower premiums, but you'll pay more upfront for care.
How do HMOs and PPOs differ?
HMOs (Health Maintenance Organizations) require members to choose a primary care physician and need referrals for specialists, offering lower premiums and limited provider networks. PPOs (Preferred Provider Organizations) offer more flexibility in choosing healthcare providers and don't require referrals, usually at a higher cost.
What is a copayment in health insurance?
A copayment, or copay, is a fixed amount you pay for a covered healthcare service, typically when you receive the service. Copays can vary based on the type of service and are common with many health insurance plans.
What is an EPO plan?
An EPO (Exclusive Provider Organization) plan is a type of health insurance plan that only covers services provided by doctors and hospitals within the plan's network, except in emergencies. EPOs often have lower premiums but require you to stay within the network for non-emergency care.