Consumers can get ready for open enrollment by becoming familiar with the basic components of health insurance:
- Deductible: The amount you must pay out-of-pocket for your healthcare before your insurance company begins to kick in for covered healthcare services. Choosing a high-deductible plan will make this upfront expense greater.
- Premium: The fixed amount of money paid on a regular basis (usually once a month) directly to the insurance company.
- Coinsurance: This is when both the insured and the insurer pay a portion of the claim. Coinsurance kicks in once the annual deductible has been met. Or, if the plan does not include a deductible, the coinsurance rate starts on dollar one of medical spending.
- Copay: This is a fixed payment the insured is responsible for at the time of service for a doctor's visit, a prescription, or other medical service.
- Provider Network: A list of doctors, facilities, and other healthcare services that have an agreement with the insurance company to provide services at a certain cost. "In-network" doctors will be covered at higher levels than "out-of-network" doctors, who may not be covered at all. Make sure your preferred physicians are considered in-network before enrolling in a plan.
"While we can't control the details of plans our partner carriers put out, our agents do their best to inform customers about their options, explain the differences between plans and how their choices may impact them throughout the year," said Michael Daugherty, Vice President, Consumer Relations. "Being an informed consumer is crucial when it comes to choosing the best plan."
For additional assistance, licensed agents are available at (866) 602-8466 Monday – Thursday 9:00-10:00 ET; Friday 9:00-8:30 ET; Saturday 10:00-6:00 ET.
GetInsured is a cloud-based health insurance exchange platform that combines modern technology and customer service capabilities to make health insurance shopping easy and efficient. Since its founding in 2005, GetInsured has helped millions of consumers find the right health plan for their needs and budgets. GetInsured is approved by the federal government to enroll Americans in subsidized health insurance plans, and also provides state governments and employers with SaaS-based technology solutions for public and private health insurance exchanges. For more information, please visit www.GetInsured.com.
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