Do you find yourself bewildered at the idea of amending your existing health insurance policy during the annual open enrollment period?
Arial Insurance Group is here with a beginner’s guide to insurance terms for residents of Chicago, IL!
Understanding Health Insurance Terms – A Glossary
Co-Payment: A co-payment is a predetermined amount that you need to pay for covered medical services under your current insurance plan.
Deductible: This refers to out-of-pocket expenses for covered insurance services that you must pay before your chosen health plan benefits start to apply.
Illinois Medicaid: Government-funded health insurance that provides basic coverage is available for qualified low-income individuals and families.
In-Network Provider: These are health care providers within your health network who have agreed to provide covered services at an agreed-upon rate.
Open Enrollment: The period when insured individuals can make changes to their existing health insurance policies. Open enrollment periods typically occur once per year, unless there are extenuating circumstances warranting an immediate change.
Out-of-Network Provider: These are healthcare professionals not included in your current insurance company network. Visiting an out-of-network provider may lead to reduced coverage or no insurance coverage at all.
Premium: These are monthly or annual costs associated with your chosen health insurance plan. Premiums can differ based on the provider, location, selected benefits, and the number of family members included in your health insurance plan.
The above terms are representative of common terminology found in health insurance policies and public health insurance marketplaces.
Contact a reputable local insurance agent at Arial Insurance Group in Chicago, IL to learn more about the health insurance terms outlined above and to explore health insurance policies that suit your care needs.
