![]() ![]() Generally speaking (some states have exceptions for HSAs for instance): I am providing this information because it should factor into your decision One of the most often misunderstood aspect of the cost of healthcare is that the role taxes play. You have never bothered to research alternatives so you can't make an informed decision.Your plan has changed (covered medications, increased co-pays, preferred doctor no longer in network, etc.). ![]() Your needs have changed (change in dependents, medical conditions, etc.).You can get the same or better coverage for significantly less than you are paying now.One of the main goals people have in the personal finance group is to get the coverage they need without overspending.īelow is a list of reasons that may apply to you. It is common to stay with the insurance you currently have already invested in learning it, you know how it works and change means starting over. For in-network providers, this invalidates their contract and may even be illegal based on your jurisdiction. Balance Billing - the practice of billing the patient for the difference between what insurance pays and what the provider charges.Allowable Charge - the amount the insurance provider allows a health provider to charge for a given procedure code regardless of what the health provider normally charges.D0272 = bitewings - two radiographic images) Procedure Code - a standard taxonomy of health procedures used in health care (e.g.Out-Of-Network = No existing contract between insurance provider and health provider even though the insurance may be accepted.In-Network = Insurance provider's contracted network of negotiated prices.Co-Insurance = percentage you pay out of pocket for a service (e.g.Co-Pay = fixed amount you pay out of pocket for a service (e.g.Premium = Amount deducted from your paycheck to have the insurance.Deductible = amount you must pay out of pocket before insurance kicks in.DCFSA = Dependent Care Flexible Spending Account.LPFSA = Limited Purpose Flexible Spending Account.FEHB = Federal Employee Health Benefits.While I have tried to highlight a lot of things, there is no substitute for research so many things will need additional effort. I figured it would be beneficial to post it here so others could comment with their own advice. I lead a personal finance group where I work and have promised to compile the knowledge I have gained over the years to make my selection and share it.
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