Are you feeling overwhelmed by open enrollment? You're not alone! The world of health insurance can feel like a foreign language, but the decisions you make now can impact your finances and health for the entire year. In this episode, we break down the most important health insurance terms, discuss the two main types of plans, and give you practical tips to help you choose the best option for you and your family.
Key Takeaways:
Understanding the Language: Learn the essential terms you need to know, from premiums and deductibles to copays and coinsurance.
High vs. Low Deductible Plans: We explore the trade-offs between these two plan types and help you determine which one is a better fit for your health and financial situation.
The Power of an HSA: Discover the "triple tax benefit" of a Health Savings Account and how this powerful tool can help you save for both current and future medical expenses.
Tips for Making Your Decision: Get practical advice on how to assess your needs, check your provider network, and consider the "worst-case scenario" when choosing a plan.
Important Terms Defined:
Premium: Your monthly membership fee for insurance coverage.
Deductible: The amount you pay out of pocket before your insurance starts to cover costs.
Copayment (Copay): A fixed amount you pay for a specific service, like a doctor's visit.
Coinsurance: Your percentage share of the cost for a covered service after you've met your deductible.
Out-of-Pocket Maximum: The most you will have to pay for covered medical expenses in one year.
Resources Mentioned:
Health Insurance Terms You Should Know: https://www.cms.gov/glossary
Perplexed by Health Insurance? https://www.npr.org/sections/health-shots/2016/11/04/500588667/perplexed-by-health-insurance-terms-this-guide-can-help-you
Benefits Terms Cheat Sheet: https://www.cybercoders.com/blog/2018/10/26/open-enrollment-cheat-sheet/
IRS Publication 969: https://www.irs.gov/publications/p969
HSA Bank List of Qualified Expenses: https://www.hsabank.com/hsabank/members/qualified-medical-expenses
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