Informations for 20 year old of health insurance

The problem is

I just went to something to look at health insurances for just myself. they have alot of stuff that i do not know what it means like plan type. which plan type should i get: ppo or hmo. next they ask about the deductibles. what kind of deductible would u recommend getting. i have no idea what a dedectible is anyways. they also have a catergory about coinsurance and office visits. if possible maybe you could just log into there as a 20 year old and tell me which is hte best insurance for its price. im really desperate i have no insurance and dont want to take the chances.

This solutions

Unless you have preexisting conditions, a 20 YO usually gets a cheap rate.

A deductible is what you would pay out of pocket for medical services. After you paid that amount, the insurance would kick in and cover you for whatever the schedule of benefits say.

A PPO stands for preferred provider organization, HMO means health maintainence organization. PPO menas that you can see any Dr on the list of those in the network. Usually you do not need referrals to see a specialist. HMO’s usually have a PCP (primary care physician) which is your “gatekeeper”…all your medical care goes through him/her. You do need referrals and must see a Dr within the network.

PPO’s allow more freedom than an HMO, but usually cost more in premiums.

There are other differences, but these are the major ones.

I usually recommend to my clients that if you are young and healthy, go for a plan with a high deductible (3500 or so) and link it to a HSA (health Savings account). You put $ into a HSA and it earns interest, is not taxable, but can only be used for approved medical expenses. That way, if you never use the money in it, it still earns interest.

Great advice fawkespheonix! Young people should be aware of the many options they have, like just walking in to a clinic for a cold. That ultimately helps them save money.