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Health insurance has recently received a lot of attention and is a popular topic today. Health policies are available to cover medical, dental, vision, Medicare and supplemental benefits. With the onset of the new health insurance legislation you may be considering changing from a group to an individual policy, purchasing your policy privately or through the federal or state run exchange known as The Marketplace.
The Marketplace Exchange provides cost sharing solutions lowering out of pocket costs, deductibles and co-pays based upon individual income. The Marketplace offers four different plan types based on your individual coverage needs.
There are several different considerations you may have. It is important that the policy and coverage you select matches your individual needs and situation. Today most companies offer two policy types: Health Savings Accounts (HSA) and Preferred Provider Organizations (PPO).
An HSA is a tax advantaged medical savings account available to taxpayers who are enrolled in a high deductible health plan. Participants self-fund deductible amounts on a pre-tax basis. The provider covers additional expenses at 100%.
A PPO is a managed care insurance plan that provides access to a network or group of physicians contracted by an insurance company. Participants have annual deductible, co-pay expenses for office visits and prescriptions. Most plans have an out of pocket maximum.
TWFG represents a large number of the health insurance companies in the marketplace today. Carrier access varies by state. Each state has its own standard for meeting the new federal guidelines that are in place. Our TWFG agents can work with you to help determine the best solution for your health insurance needs.