Life Kit Demystifying your health insurance plan
21 snips
Oct 31, 2023 Open enrollment can be a maze of acronyms and terms, but breaking them down can lead to better health insurance choices. Learn about deductibles, copays, and the difference between HMO and PPO plans. Discover how high deductible plans can offer tax benefits and what makes preventive care a vital consideration. Health Savings Accounts and Flexible Spending Accounts are also explored as savvy ways to manage healthcare costs. Mastering these concepts can empower you to navigate your health insurance plan with confidence.
AI Snips
Chapters
Books
Transcript
Episode notes
Premium vs. Overall Cost
- Cheapest premiums don't guarantee the lowest overall cost.
- Factor in deductibles, copays, and service usage when choosing a plan.
HMO vs. PPO
- HMOs offer lower premiums and often no deductible, but restrict provider choice.
- PPOs offer more flexibility but have higher premiums and deductibles.
HSA Benefits
- HSAs are tied to high-deductible plans and offer tax-free contributions and withdrawals.
- The funds roll over annually and can even be invested after reaching a threshold.
