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Types of Health Insurance: PPOs Medicare Marketplace u0026 More!

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Health Insurance can be really confusing! Watch this quick video to learn all about the different types of health insurance.

Call us at iHealthBrokers today at 8884100344. Our services are 100% Free!

★☆★ABOUT THIS VIDEO★☆★
0:00 Intro
1:08 Group Plans
1:39 COBRA
2:04 HMOs vs PPOs
3:38 Marketplace Insurance
6:15 Private Health Insurance
7:13 Short Term Medical Insurance
8:16 Medicare

Group Health Insurance are plans offered by your employer as part of your benefits. Most plans operate as either HMOs or PPOs. HMOs are health maintenance organizations. Generally speaking your monthly premiums will be lower, but you must use an in network physician. Should you need to go out of network, except for a true medical emergency you will pay for the entirety of the costs. HMOs only work with in network doctors. You can however apply for a gap exception under specific circumstances, but be warned, there will be a lot of paperwork!

PPOs are preferred provider organizations. They offer more flexibility but generally speaking with higher monthly premiums. You will pay less seeing an in network doctor, but you will still have coverage with an out of network doctor. An in network doctor has agreed to accept whatever amount your insurance has agreed to pay for a given doctor. An out of network may charge more and generally speaking, your coinsurance will be higher. You need to check these terms with your specific plan. Additionally with a PPO, you will be able to arrange to see a specialist on your own. An HMO requires that your primary care physician arranges any visit to a specialist.

Should you choose to leave your job or if you are fired, you may be eligible for COBRA. Your premiums will be MUCH higher, but you'll be able to keep your exact same coverage.

Another option is marketplace insurancethis is part of the affordable care act. Premiums are determined by your household size and income. You may be eligible for a premium tax credit which can significantly lower your monthly premiums. You want to try to lower your MAGI to increase your eligibility. There are many HMOs to choose from, but few PPOs. You may opt for an EPO instead.

Marketplace Insurance Plans are divided into four metal tiers: Bronze, Silver, Gold & Platinum. The metal tier is determined by the cost share, not the benefits or coverage.

If you are ineligible for a premium tax credit on Healthcare.gov, you may want to look into private insurance. It may or may not be more expensive, but your options are pretty much endless.

One type of private insurance is short term medical insurance. These plans are not offered everywhere and are not for everyone, but may be a great way to save money. They are not ideal for anyone with an expensive preexisting condition because at the very least preexisting conditions will not be covered in the first year. Perhaps, not at all. They are also not ideal for those with young children or people wishing to become pregnant and start a family.

However, if a short term medical plan is for you, you can add benefits and tailor them to meet your needs. STM will only be available until you turn 65, but at that point you can enroll in Medicare.

You will most likely be automatically enrolled in Original Medicare (Medicare Part A & Medicare Part B) when you turn 65. It will cover most of your medical needs. Of course, you have the option to supplement your Medicare coverage with a Medicare Supplement Plan (Medigap), Medicare Part D or replace it with Medicare Advantage.


If you have any further questions, please feel free to contact us here at iHealthBrokers at 8884100344 or https://ihealthbrokers.com/'>https://ihealthbrokers.com/


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posted by aphanson040527