What is individual health insurance?

Individual health insurance is available to the many Americans who don't have health insurance through their jobs. Individual health insurance is also available to people who are self-employed, between jobs, or for whatever reason need affordable health insurance.

What is coinsurance?

This is the amount that you are responsible to pay for covered health care expenses. This is usually expressed as a percentage. For example you might be responsible to pay 20%, and the insurer pays 80% of covered costs.

What is a copay?

A fixed dollar amount that you pay for certain covered services such as doctor visits.

What is a deductible?

You pay this amount for covered health care services each calendar year before the insurance carrier begins to pay benefits. If you choose a higher deductible you will lower your monthly premium.

What is a PPO / Network plan?

Many health insurance carriers offer PPO (Preferred Provider Organization) or Network plans. Your premiums are typically much lower than they would be with a plan without a network. With PPO / Network plans, you save money when you visit doctors and hospitals that are in the PPO / Network. This is because you will receive discounts for most services.

How does an Indemnity plan work?

With an Indemnity plan, you are free to go to any doctor or hospital for your health care. You are not limited to doctors that are in a network, PPO, etc. For this freedom, however, you will likely pay more out of your pocket and have more paperwork to complete.

You will probably need to meet an annual deductible before the insurance company will start to pay toward your health care costs. Once you have met your deductible, an insurance company will usually pay claims at the Usual Reasonable and Customary Charge (URC). The URC is the amount that a health care provider in your area usually charges for a given medical service or supply.

What are some of the details of HSA plans?

First, choose a qualified high deductible health plan that can be paired with a Health Savings Account (HSA). Second, choose a bank to administer your Health Savings Account. You can set up your savings account with your health insurer's banking partner or you can choose another qualified bank.

You will save on your monthly premiums, because high deductible health plans have lower premiums than many copay or traditional plans. You can then put the money that you save in premiums into your HSA. You will get a tax deduction for the money you put into your HSA. The money in the HSA will grow tax-deferred. You spend your HSA dollars tax-free for qualified medical expenses. At the end of the year, the money remaining in your HSA rolls over to the next year. You don't lose the money that is not spent.

In-Network vs. Out-of-Network?

Health insurance companies have negotiated prices for health care services with In-Network health care providers. You will usually pay lower costs for covered services when you go to an In-Network provider. When you go to an Out-of-Network provider, you may pay more for covered services than you would have paid at an In-Network Provider. In some cases, an insurance company may not pay claims at all when you go to an Out-of-Network provider.

How do I choose the best health insurance plan for me?

Several factors go into a decision to choose a health insurance plan. Some of these factors are the following:

1. What do you expect from your health insurance plan?

-Do you need copays for doctor visits?

-If you are most concerned with the high cost of a serious illness, consider a plan with a higher deductible and lower monthly premiums.

-If you are interested in saving on your income taxes, take a look at an HSA plan.

2. When you compare plans, be sure that you know what you will be responsible to pay.

-Copay: A fixed dollar amount that you pay for certain covered services such as doctor visits.

-Deductible: You pay this amount for covered health care services each calendar year before the insurance carrier begins to pay benefits. If you choose a higher deductible you will lower your monthly premium.

-Coinsurance: This is the amount that you are responsible to pay for covered health care expenses. This is usually expressed as a percentage. For example you might be responsible to pay 20%, and the insurer pays 80% of covered costs.

3. Know what is and is not covered by a health insurance plan.

-Read the insurance plan's brochure to learn about exclusions and limitations.

4. Research the health insurance plan's network.

-When you go to doctors, hospitals, and other health care providers that are in an insurance company's network, you will receive discounted prices for services.

-Check the network to see if the doctors and hospitals that you are likely to use are in the insurance company's network.

5. Know what you will pay for an insurance plan in a good health year and a bad health year.

-Out-of-Pocket Expense Limit or Expense Limit: This is the most you will pay toward covered health care expenses with a health insurance plan. This is calculated in a variety of ways with different health insurance plans. It may include the deductible, coinsurance, and copays. Read each plan's brochure carefully to see how the Expense Limit is calculated.

Will I pay more for insurance if I buy from you?

No. Health insurance premiums are regulated by your state. You will pay the same premium for the same plan whether you buy from USA-Online-Health-Insurance.com, another agent, or directly from the insurance company.

When will coverage for my health insurance begin?

Your coverage for your individual health insurance plan can begin between 1 and 90 days from the date you sign and submit your application. Keep in mind that health insurance companies need time to process your application and order any needed medical records. The insurance company will receive your application more quickly if you apply online with USA-Online-Health-Insurance.com and electronically sign your application.