This year, Medicare Part D enrollees should pay particularly close attention to changes in 2024 prescription drug coverage costs resulting from provisions of the Inflation Reduction Act (IRA).| medicareresources.org
A health insurance premium is the amount – typically billed monthly – that policyholders pay for health coverage. Policyholders must pay their premiums each month regardless of whether they visit a doctor or use any other healthcare service.| healthinsurance.org
Sometimes called “traditional Medicare,” Original Medicare is the fee-for-service program in which the government pays directly for healthcare costs that beneficiaries incur.| medicareresources.org
Learn what Medicare Advantage (Medicare Part C) will cover, how much premiums cost, plan eligibility, enrollment windows and benefits.| medicareresources.org
Grandmothered plans are individual and small-group health plans that took effect after the ACA was signed into law in 2010, but before the exchanges opened for business in 2013. (In some states, grandmothered plans include plans that were issued as late as the end of 2013.)| healthinsurance.org
Grandfathered plans are health plans that were already in effect as of March 23, 2010, when the Affordable Care Act was signed into law. In the individual market, they are plans that already covered the policyholder as of that date, and in the employer-sponsored market, they are plans that the employer had already implemented as of that date, and has continuously offered ever since, with at least one covered employee at all times.| healthinsurance.org
A health insurance deductible is the amount an individual must pay for healthcare expenses before insurance (or a self-insured company) covers the costs. Often, insurance plans are based on yearly deductible amounts.| healthinsurance.org
Coinsurance refers to money that an individual is required to pay for services, after a deductible has been paid. Coinsurance is often specified by a percentage.| healthinsurance.org
An out-of-pocket maximum is a predetermined, limited amount of money that an individual must pay before an insurance company or (self-insured employer) will pay 100% of an individual's covered, in-network health care expenses.| healthinsurance.org
Under the Affordable Care Act, individual and small-group health plans that are not grandfathered must cover items and services in 10 health benefit categories.| healthinsurance.org
Learn how the Affordable Care Act (Obamacare) improved health coverage and made it more affordable through income-based subsidies.| healthinsurance.org
