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HEALTH insurance 101

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Why is it important to have health insurance?

deductible: The amount of money that an an indivual pays before the benefits of health insurance kick in and coinsurance startspremium: the amount of money that you and/or your employer pays the insurance company every month or year as part of the insurance planco-insurance: the percentange of money that you are expected to pay after the deductible is reachedout of pocket max or limit (after you have paid this amount, your health insurance will cover 100% of your costs for medical services that are included in your planco-pay: the flat fee that an individual is expected to pay for a medical service, such as doctor's appointment

HMO:A managed care pan where the pt must use physicians from a list of network providers in order to have the expenses paid by the insurancePPO: A managed care plan where there is incetive to use physicians from a list of network providers. Typically, the incentive is a higher co-insurnace percentageMARKETPLACE: a service that helps people shop for and enroll in affordable health insuranceMEDICAID: insurance program that provides free or low cost health coverage to some low income people, pregnany women, and elderlyMEDICARE :A federal health insurance program for people 65 and older and certain youngr people with disabilitiesCMS: The federal agency that runs Medicare, Medicaid, and Children's Health Insurance programs, and the federally facilated Marketplace

Types of Insurance