A health insurance policy helps take the edge off of your medical expenses. There are several different types of health insurance costs that you need to be aware of. Premiums and deductibles are your out-of-pocket costs. A premium is what you will pay each month to keep your policy in place. A deductible is the amount of money you pay each year before your insurance will begin covering your medical expenses.
Get Help Paying for Health Insurance
For some, paying for health insurance just isn’t in their budget. However, federal programs are available, such as Medicare and Medicaid, as well as dual-eligible plans that will help you pay for the coverage you need. Your insurance agent can help you find the assistance you need when it comes to paying for your health insurance coverage.
Managing Costs
You can easily manage your health care costs by choosing providers that are already in your network. It’s easy to lower your healthcare costs by simply raising your deductible. Raising your deductible will actually lower your monthly premiums.
Health Savings Account (HSA)
A health savings account is the best way to save money for medical expenses. The money you set aside in your HSA is deducted before taxes. With this account, you can pay for self-care treatments like massage therapy, first aid supplies, and various types of medical equipment. You will own your HSA account even after you leave your employer.
Health Reimbursement Account (HRA)
With a health reimbursement account, the employer maintains ownership of the account after you leave. The employer is the only one to deposit money into the account, and they will get the money back if you don’t use it all. This type of policy is a good choice for individuals who need a little extra coverage to support their existing policy.
Flexible Spending Account (FSA)
A healthcare flexible spending account is one where you put money in the account before you have to pay taxes on it. This account is associated with an employer. The money in this type of account can be used to pay for various medical, vision, and dental care costs.
Preventive and Diagnostic Care
Preventive care that includes medical screenings and wellness exams is normally covered by your health insurance with no out-of-pocket costs. On the other hand, diagnostic care may require that you pay a co-pay or other type of fee depending on your insurance. Preventive care is the best way to avoid potential illnesses, while diagnostic care uses symptoms to identify the existence of a health condition.
When you want to learn about the different costs associated with your health insurance coverage, you need to talk to professionals. Call our agents at Northeastern Group LTD to learn more about health insurance coverage. Each of our agents has the training and expertise required to help you get the right policy tailored to your unique needs. Contact us today to get started!
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