According to healthcare.gov 1 in 5 Chicago adults is uninsured.
Some couldn't afford health insurance, some were never offered health insurance through their job or they are unemployed, and some did not medically qualify for health insurance.
Healthcare reform was enacted to allow for all Americans to obtain health insurance.
With so many people going uninsured for so long there is a lot of confusion among the uninsured population.
People who have never had health insurance and now find themselves legally obligated to obtain it are feeling overwhelmed with how health insurance even works.
Even if you have had health insurance you may still be a little bit rusty on the lingo of health insurance.
Here is a list and definitions of common used terms when it comes to understanding health insurance:
Premium: the amount to be paid for an insurance policy.
Deductible: the amount of expenses that must be paid out of pocket before an insurer will pay any expenses.
Co-insurance: percent of expenses that must be paid AFTER the insured's deductible is met up to a fixed dollar amount also know as a stop loss or out of pocket maximum.
Maximum out of pocket: the total dollar amount that you will pay out of pocket during the policy calendar year including co-insurance and deductibles.
Fixed benefit: a fixed dollar amount paid by an insurance company for a covered service.
Network: a group of doctors, hospitals and other health care providers contracted to provide services to insurance companies customers for less than their usual fees. Provider networks can cover a large geographic market or a wide range of health care services. Insured individuals typically pay less for using a network provider.
Broker: licensed insurance salesperson who obtains quotes and plan from multiple sources information for clients.
Agent: licensed salespersons who represent one or more health insurance companies and presents their products to consumers.
Exchange: key provision of the Affordable Care Act, established to provide a selection of competing providers, each offering different qualified plans. All qualified plans must meet standards established and enforced by the Health Choices Administration.
Private health insurance: insurance plans marketed by the private health insurance industry – currently dominates the U.S. health care landscape.
Healthcare reform and the Affordable Care Act 2010 requires all Americans to obtain major medical coverage or be faced to pay a penalty.
The penalty for not obtaining coverage is set to rise each year beginning with January 1, 2014.
For more information on the Affordable Care Act 2010 visit www.healthcare.gov
To find a health insurance agent use the agent locator at www.healthcaresolutionsteam.com
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