22 things

you MUST know about health insurance

Most people are not excited about the topic of health insurance — and no wonder. It involves terms that you never use in real life. It's confusing. There are rules. It's no surprise that you'd just as soon avoid the whole subject. But health insurance impacts your health, your family, and your finances. Knowing how it works and what you need can mean the difference between costly mistakes and peace of mind. Here are 22 tips to help you understand your plan and make the most of it.

Why have health insurance?

You may say it's too expensive, you'll never use it, or you'll just deal with problems as they come up. But you really can't afford not to have it. Here's why:

You will pay more without health insurance
Getting sick happens
You have to pay a penalty if you do not have health insurance

Insurance and your budget

Along with your monthly outlay, you will also pay some of the bill when you go to the doctor or hospital. How much you pay depends on your plan. Here's what you need to know:

A deductible is the amount you pay out of pocket
A copay is a fixed dollar amount you pay for certain types of care
Coinsurance is a percentage of the cost of your visit.
Depending on your health insurance plan, you get some services at no cost.
Know your health insurance network
Mental health treatment is covered just like physical conditions
You can buy your own dental insurance and kids up to 19 get dental coverage at no extra cost
Explanation of Benefits can be e-mailed to you.
A Flexible Spending Account (FSA) is a savings account for medical expenses.
Call Member Services for Health Insurance help
As your health insurance provider about free services they offer

Did you know...

Kids can stay on parent's health insurance until they are 26
It costs more to go to the emergency room than your primary care doctor