Health insurance helps people afford medical care when they need it. It covers expenses like doctor’s consultations, medicines and ambulance costs. It also covers pre-existing illnesses like thyroid issues, diabetes and high blood pressure. Those without health coverage pay more than those with it. Health insurance is available through work, the marketplace or private insurers. People can get help paying for it through premium tax credits and cost sharing reduction.

Everyone should have health coverage, but it doesn’t have to be expensive. The right plan for you will depend on your needs and budget. Some of the most common plans include HMOs, PPOs and POSs. HMOs have networks of doctors, clinics and hospitals that are contracted with the insurer to provide health care at reduced rates for plan members or enrollees. Usually, you will have to choose a primary care physician who can refer you to specialists within the network. In contrast, PPOs let you use any provider that is covered by the plan. POSs have different cost structures, with some having copayments or deductibles and others having a flat fee per visit or a percentage of the health care bill.

The best health insurance for you will depend on how often you want to go to the doctor, how many prescriptions you’ll need and your budget. There are four categories of plans based on how you and your plan share the cost of healthcare: bronze, silver, gold or platinum. These categories have nothing to do with the quality of the health care you will receive.

Deductibles, copays and premiums: What do they all mean?

There are a lot of different terms in health insurance that can make it confusing. Deductibles are the amount you must pay each year before your health insurance starts to cover any expenses. Copayments are set fees for specific services, and coinsurance is a percentage of the health care cost you must pay after you meet your deductible. Premiums are the monthly rate you pay to have health insurance.

Whether you want to save money or protect yourself from unexpected medical bills, the right health insurance is essential. With so many options, it’s important to compare prices and benefits before making a decision. You can use our tool to find the best health insurance for you. We suggest starting with a silver plan, as they are known to balance premiums and out of pocket costs for families. It’s also a good idea to consider the age of each person in your family so you can choose a plan that will be affordable for the long term. If you need help understanding any of these terms, we’ve put together a guide that can explain them in simple terms. You can download it by clicking the button below. You can also contact us to have someone walk you through the process. We’re happy to help! Whether you’re buying your own health insurance or looking for coverage through your employer, our experienced team can help you navigate the ins and outs of the industry.