Navigating the world of health insurance can be confusing, especially with all the technical terms. Here's a breakdown of some common health insurance terms to help you make informed decisions:
Premium: The monthly fee you pay for your health insurance coverage.
Deductible: The amount you pay out-of-pocket before your insurance starts covering costs.
Co-pay: A fixed amount you pay for specific services, such as doctor visits or prescriptions.
Co-insurance: The percentage of costs you pay after you've met your deductible.
Network: The group of doctors, hospitals, and other healthcare providers that your insurance plan covers.
Health Maintenance Organization (HMO): A type of health plan that typically requires you to choose a primary care physician (PCP) and get referrals to specialists.
Preferred Provider Organization (PPO): A type of health plan that allows you to see any doctor or specialist without a referral, but you'll usually pay less if you see a provider in-network.
Health Savings Account (HSA): A tax-advantaged savings account that can be used to pay for qualified medical expenses.
By understanding these terms, you can make more informed decisions about your health insurance coverage and save money.
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