Health Insurance Reviews
Coinsurance is your out of pocket portion of a covered medical or health care cost after the deductible has been paid.
A high deductible health plan (HDHP) has lower monthly premiums and a higher deductible than other health insurance plans. The Internal Revenue Service (IRS) defines an HDHP as a plan with a deductible of $1,400 for one person or $2,800 for a family for the year 2021.
A health maintenance organization (HMO) is a type of health insurance plan designed to reduce medical costs by using a network of preferred providers and having members select a primary care doctor to coordinate their health care needs. HMOs are typically less expensive than other health insurance plans.
The health insurance marketplace is a state or federally run exchange where you can enroll in health insurance plans for yourself and your family.
COBRA stands for the Consolidated Omnibus Budget Reconciliation Act, a provision under federal law that requires private insurers for employer-sponsored group health plans to offer continuation of job-based health coverage if coverage is lost due to a qualifying event.
A point-of-service plan (POS) combines aspects of HMOs and PPOs to provide affordable in-network care to members while still providing the flexibility to seek care out of network.
PREMIUM TAX CREDIT
The premium tax credit is a federal refundable tax credit that lowers your monthly premiums on plans from the Health Insurance Marketplace. Your premium tax credit amount depends on your household income and other factors.
The Affordable Care Act (ACA) refers to the Patient Protection and Affordable Care Act, and is also called "Obamacare." It overhauled healthcare legislation to make health insurance more affordable and accessible, and provides numerous rights to healthcare recipients and applicants.
A preferred provider organization (PPO) is a health plan where an insurance company contracts with hospitals, doctors, and clinics to create a network of participating providers. These providers agree to provide medical care to plan subscribers at a negotiated rate.
CATASTROPHIC HEALTH INSURANCE
These plans are designed to protect you from extreme out-of-pocket costs for catastrophic health events. They are still required to meet the minimum essential benefits under the Affordable Care Act (ACA). But you will generally incur high out-of-pocket costs before you reach your (very high) deductible.