Elizabeth Rivelli has nearly five years of experience covering insurance for finance publications. She has expertise in various insurance lines, including car insurance, health insurance, travel insurance, life insurance and others. In her writing, s.
Elizabeth Rivelli Insurance WriterElizabeth Rivelli has nearly five years of experience covering insurance for finance publications. She has expertise in various insurance lines, including car insurance, health insurance, travel insurance, life insurance and others. In her writing, s.
Written By Elizabeth Rivelli Insurance WriterElizabeth Rivelli has nearly five years of experience covering insurance for finance publications. She has expertise in various insurance lines, including car insurance, health insurance, travel insurance, life insurance and others. In her writing, s.
Elizabeth Rivelli Insurance WriterElizabeth Rivelli has nearly five years of experience covering insurance for finance publications. She has expertise in various insurance lines, including car insurance, health insurance, travel insurance, life insurance and others. In her writing, s.
Insurance Writer Les Masterson Deputy Editor, InsuranceLes Masterson is a deputy editor and insurance analyst at Forbes Advisor. He has been a journalist, reporter, editor and content creator for more than 25 years. He has covered insurance for a decade, including auto, home, life and health. Before cove.
Les Masterson Deputy Editor, InsuranceLes Masterson is a deputy editor and insurance analyst at Forbes Advisor. He has been a journalist, reporter, editor and content creator for more than 25 years. He has covered insurance for a decade, including auto, home, life and health. Before cove.
Les Masterson Deputy Editor, InsuranceLes Masterson is a deputy editor and insurance analyst at Forbes Advisor. He has been a journalist, reporter, editor and content creator for more than 25 years. He has covered insurance for a decade, including auto, home, life and health. Before cove.
Les Masterson Deputy Editor, InsuranceLes Masterson is a deputy editor and insurance analyst at Forbes Advisor. He has been a journalist, reporter, editor and content creator for more than 25 years. He has covered insurance for a decade, including auto, home, life and health. Before cove.
| Deputy Editor, Insurance
Updated: Jan 30, 2024, 2:54am
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
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Most people have experienced an unexpected illness, injury or condition that needed medical attention. Depending on the situation, health care can be costly, and many Americans rely on health insurance to help manage the cost.
If you’re buying health insurance on your own (rather than through an employer), you’ll find there are many plans available and they differ in terms of coverage, network size, out-of-pocket costs and premiums. It’s a good idea to compare several options to see which plan is the best for you.
Health insurance is a legal agreement between you (or your employer, if you have insurance through work) and an insurance company. The contract states that you pay the insurance company a premium for coverage and the insurer pays for at least a portion of your qualifying medical expenses.
Health insurance has a variety of benefits. It can protect you from paying unexpected and expensive medical bills. It also covers essential health benefits, like annual physicals. Most plans also provide free preventative care, like vaccines and screenings.
There are stark differences between life insurance vs. health insurance. While both can provide valuable coverage, health insurance is for medical bills while you’re alive, and life insurance is mainly intended to provide a payout to your beneficiaries when you pass away.
People with health insurance usually pay a health insurance premium for coverage. If you get coverage through an employer, the business will likely deduct your portion of the premium from your paycheck. The premium depends on a few factors, like the plan type and your location.
Before you visit a doctor, you should check to see if the provider or medical facility is in your health plan’s network. Providers and hospitals that are considered in network contract with the plan and agree to accept a discounted rate for the services they provide. Health plans pick up more of the health care costs for in-network providers than out-of-network providers, which means lower costs for you if you stay in network.
Some health insurance plans, such as health maintenance organization plans, only reimburse you for medical services when you go in-network. Others, like preferred provider organization plans provide limited coverage when you visit an out-of-network provider. Regardless of your plan, you almost always pay less out-of-pocket when you get medical care in-network.
After a doctor’s visit, the provider typically submits a claim to your insurance company. Once the health insurance company approves the claim and pays its portion of the costs, the health insurer sends you an Explanation of Benefits (EOB).
The EOB details:
An EOB also includes information about out-of-pocket costs:
Your doctor will send you the final bill. On the bill, you can see how much you’re responsible for paying the doctor after your insurance company has paid its portion. The bill will also include instructions for where and how to send the payment.
There are five common types of health insurance plans. A health insurance plan’s design sets the parameters for how you get care and influences what you pay.
