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Insights from Wellthie

Confused by Insurance Terminology? Look No Further

We’re in the midst of Open Enrollment, the period during which individuals and families can enroll, re-enroll, or change their health insurance plan for 2018. This year, Open Enrollment runs from November 1, 2017 to December 15, 2017.

Many Americans have already enrolled in 2018 coverage. However, for those who haven’t, there may be confusion. Should you select a high-deductible play or low-deductible plan? What’s the difference between a PPO, HMO, and EPO? To help guide you in your search, we’ve pulled together a list of the most useful terms to know when selecting a health insurance below.

Premium: The monthly cost of your health insurance plan. If you get an employer-sponsored insurance plan, the premium might come out of your paycheck.

Copay: This is the flat rate you’re charged for doctor visits and prescriptions. The rates vary according to the service, so having a general idea about what kinds of healthcare visits you will make might help assess these rates.

Deductible: The amount you have to pay for health services before your insurance plan starts to pay. Deductibles do not apply to monthly premiums or free preventative services such as checkups. If you are a relatively young and healthy person, you may prefer a plan that has lower premiums and higher deductibles, which means you will be paying less at a monthly basis but if you do require a health service you may have to cover a big amount of it.

Coinsurance: This is the percentage of costs you have to pay after you’ve met your deductible.

Out-of-pocket maximum: This is the most you would have to pay for health insurance in a given year for the services your plan covers. So once you hit that out-of-pocket maximum, your insurance company covers everything.

Cost-sharing: The share of costs covered by your insurance that you pay out of your own pocket. This term generally includes deductibles, coinsurance, and copayments, or similar charges, but it doesn’t include premiums, cost of non-network providers, or non-covered services.

Preferred Provider Organization(PPO):  A type of health insurance plan that has a broad list of participating providers and hospitals for which you pay less. In a PPO, you can also use out-of-network doctors at a higher cost.

Health Maintenance Organization (HMO): A type of health insurance plan that limits coverage to in-network doctors and the hospitals that work with those doctors. HMO’s typically won’t cover out-of-network care unless it’s an emergency and requires a referral from the primary care physician to see a specialist.

Exclusive Provider Organizations(EPO): A type of health insurance plan that allows individuals to use the doctors and hospitals within the EPO network, but won’t cover care that goes outside of the network. In EPOs, there are no out-of-network benefits or requirements to get a referral to see a specialist.

For additional health insurance terms you may not be familiar with, visit https://www.healthcare.gov/glossary/.

Wellthie Partners with The IHC Group

Wellthie is thrilled to announce we have partnered with Independence Holding Company (NYSE: IHC), one of the nation’s leading providers of ancillary benefits for employer groups and individuals. The partnership will allow producers who utilize Wellthie’s first-of-its-kind platform – Wellthie Small Group – to easily quote IHC’s group dental and medical products for their small group clients.

Wellthie’s comprehensive marketplace allows producers to shop multiple carriers for their small employer group clients who are looking for employer-based health insurance. Through the Wellthie-IHC partnership, producers can shop from among top medical carriers as well as a selection of IHC’s offerings. Wellthie’s platform enables producers to quote a combination of products with a single census and single proposal, with the ability to instantly model out various contribution strategies and easily enroll in IHC plans.

“The Wellthie business model is going to help busy producers in Ohio maximize their efficiency during open enrollment this year,” said Dave Keller, Chief Sales and Marketing Officer of IHC Specialty Benefits, “and we are excited to have IHC ancillary products as part of that equation.”

“We are thrilled to be entering into such an innovative distribution partnership with IHC. Together, we will provide producers with a modern and flexible technology that transforms the way they sell and offer more value to their small business customers – a win-win for both IHC, their producers and the small business owners,” said Sally Poblete, Founder and CEO of Wellthie.

Wellthie Selected as Top Insurtech Innovator in 2017 Plug and Play Program

Wellthie is pleased to announce that we have been selected by Plug and Play Tech Center to join their Insurtech Innovation Program. Wellthie is one of 35 companies chosen out of thousands to participate in Plug and Play’s program for start-ups innovating in the insurance industry.

Wellthie was selected by some of the industry’s leading carriers who seek to partner with startups and entrepreneurs that provide breakthrough technology and innovations for the insurance industry. Additional benefits of the program are licensing, investment, and mentorship opportunities.

“We are honored to have been chosen among the top insurtech companies to participate in the Plug and Play Insurance program,” said Sally Poblete, CEO of Wellthie. “Plug and Play provides a unique opportunity for selected start-ups to companies to partner with the largest carriers and industry players to accelerate the transformation of their industries.”

Earlier this year, Poblete was recognized in Forbes Magazine for her deep industry expertise the passion she brings to transforming the gigantic and complex insurance industry. Wellthie has also been featured in such publications as The Huffington Post, Inc. Magazine, and BuzzFeed.

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