FAQs

If you have a co-pay plan, this is how much you have to pay every time you see a doctor, or specialist, or receive emergency care.

Consumers with high-deductible plans and even some other insurance choices have deductibles. This is the amount you must spend on healthcare yourself before your insurance kicks in.

This is the monthly cost of your health insurance plan.

The term, ‘The Marketplace’ can be rather confusing. If the Marketplace is the portal to insurance, what then, are the Affordable Care Act and Obamacare? The ACA was signed into law in March 2010, thus allowing for major changes to health insurance requirements and what health insurance was allowed and not allowed to offer. This law gave birth to the marketplace, a forum for American citizens to purchase affordable plans as well as receive government subsidies and tax credits to make health insurance more accessible to everyone. Obamacare, the term in honor of the president who designed and rolled out the federal act, is a synonym for the ACA, meaning that you can use The Affordable Care Act and Obamacare interchangeably.

A tax credit you can take in advance to lower your monthly premium. This is specifically for plans purchased on the marketplace.

These are accounts used to save on taxes and pay for qualified medical, prescription, dental, and vision expenses. Which one you have depends on the plan you purchase.

The percentage of costs of a covered health care service you pay (20%, for example) after you’ve paid your deductible.

Also known as the Consolidated Omnibus Budget Reconciliation Act, COBRA is a fancy phrase for an act that ensures you can continue your health insurance if you lose it, depending on several determining factors. Signed into law in 1985, it was an amendment to the original Employee Retirement Income Security Act. Its purpose was to protect employees from losing health benefits if something occurred to interrupt their employer-based health insurance plans.

A PPO is called a preferred provider organization. This type of health insurance has better coverage options but is typically much costlier than HMOs.

A type of plan that focuses on prevention and care by a primary care physician. Members must receive a PCP’s referral to see any specialist. Out-of-network care generally isn’t covered at all, except in an emergency.

Also known as an Exclusive Provider Organization, an EPO offers you a local network to choose your doctors and hospitals from. In comparison to PPO plans, EPOs are much more affordable. This is because care outside of your provider network is typically not covered. EPOs offer lower monthly premiums, but a higher deductible.

Medicare is the federal health insurance program for seniors aged 65+.

Unlike traditional Medicare, Medicare Advantage goes beyond its traditional counterpart offering superior coverage and typically combines Part A, B, and D in one plan from a private company. It’s a great alternative that offers lower out-of-pocket costs and additional benefits you wouldn’t get from traditional Medicare plans.

Similar to Medicare Supplemental plans, Medicare add-ons help address the gaps left by traditional Medicare plans. Insuraway offers a variety of coverage options for every level of care and budget.

Life insurance offers financial protection for the beneficiary of your policy in the untimely event of your passing. Beneficiaries receive a cash benefit dispersed in one sum to cover costly items like burial costs, debt, and unpaid bills. There are 3 types of life insurance: Term, Whole, and Fixed Annuity.

Term life insurance is a death benefit that pays your beneficiary a set amount of money through a specified period, typically, 10,15,20,25, or 30 years. Once the term is over you can either let the coverage lapse or renew into another term.

As opposed to Term Life Insurance that only offers benefits for a specified term, Whole Life Insurance is a permanent policy where your premiums and death benefits are fixed and don’t change.