Everything You Need To Know About Health Insurance Before Your Child’s Next Doctor’s Visit

With many major advancements in medical technology, physicians can do many wondrous things. However, when this technology is implemented, it can cost a lot of money. Having adequate health insurance for you and your children can make all the difference in your financial health going into the future.

Start With Understanding Premiums and Deductibles

Before you can adequately search for the right healthcare plan, you'll need to understand some basic terms. Most healthcare plans are set up on an annual basis. You'll have to pay a set monthly fee to be covered by your insurance. This monthly fee is referred to as a premium.

Additionally, most healthcare plans require you to pay a set amount before they cover healthcare costs. This amount is referred to as a deductible. Typically, plans that offer a low premium will have a very high deductible. Conversely, plans that have a high premium will typically have a low deductible.

Get a Plan During Open Enrollment

The U.S. Government's comprehensive healthcare website (healthcare.gov) offers a plethora of health insurance plans for you to choose from. The catch is that you must select a plan during the open enrollment time period. This is from mid-November through February. To obtain health insurance for your family outside of this open enrollment period, you'll have to opt for purchasing a plan with a private insurance provider. These private providers don't have to create policies that fit government standards like the healthcare plans at healthcare.gov do.

There are Five Main Types of Plans

As you sift through the healthcare plans available to you, you'll notice that they're categorized into five main categories. These include catastrophic, bronze, silver, gold, and platinum. Catastrophic coverage is intended for those under 30 years old to cover less than 60% of any medical expenses related to a major injury or illness.

Bronze plans cover about 60% of most medical expenses and come with a low premium and high deductible. Silver plans offer around 70% coverage, while gold plans offer around 80%. Both plans have average premiums and deductibles. Lastly, platinum health plans offer 90% or more coverage and have very high premiums and low deductibles.

Health insurance plans are something that everyone should be knowledgeable about. You want to select a plan that fits the average needs of your family and your budget. By utilizing the information that we discussed above, you'll be well on your way to choosing a great health insurance plan for your family.