Which Health Insurance Is best for me?
Health insurance has proven itself of great help and financial aid in a few cases when events turn out unexpectedly. In times when you are ill and when your Vision 20 health is in grave peril and when finances seem to be is not capable to sustain for your care, health insurance is here to the rescue. A good health insurance plan will definitely make things healthier.
Basically, there are two types of health insurance plans. Your first option is the indemnity plans, which includes the fee-for-services and the second is the managed care plans. The differences between these two range from the choice offered by the providers, the amount of bills the policy holder has to pay and the services covered by the policy. As you can always hear there is no ultimate or best plan for anyone.
As you can see, there are some plans which may be way better than the others. Some may be good for you and your family’s health and health care bills needs. However, among the sweet health insurance plan terms presented, there are always certain drawbacks you will come to consider. The key is, you will have to wisely weigh the benefits. Especially that not among these plans will pay for the financial damages associated with your care.
Listed below are a brief description about the health insurance plans that might be fitting for you and your family’s case.
Flexible Spending Plans : These are the types of health insurance plans that are sponsored when you are doing work for a company, or any employer. These are the care plans inclusive in your employee benefit package. Some of the specific types of benefits most notable plan are the multiple options pre-tax conversion plan, medical plans plus flexible spending accounts, tax conversion plan, and employer credit cafeteria plans. You can always ask your employer of the benefits included in your health care/insurance plans.
Indemnity Health Plans : This type of health insurance plan allows you to choose your own health care providers. You are given the freedom to go to any doctor, medical institution, or other health care providers for a set monthly premium. The insurance will reimburse you and your health care provider according to the services delivered. Depending on the health insurance plan policy, there are those that offers limit on individual expenses, and when that expense is reached, the health insurance handles for the remaining expenses in full. Sometimes, indemnity health insurance plans impose constraints on services covered and may require past consent for hospital care and other expensive services.
Basic and Essential Health Plans : It provides a tiny health insurance benefit at a considerably low insurance cost. In opting for this kind of health insurance plan, it is necessary that one should see the policy description giving special focus on covered services. There are plans that may not cover on some basic treatments, certain medical services such as chemotherapy, expectant mothers care or certain prescription medications. Also, rates vary considerably since unlike other plans, premiums consider age, gender, health status, position, geographic location, and community rated.
Health Savings Accounts : You possess and control the money in your HSA. This is the recent alternative to the old fashioned health insurance plans. These are savings product designed to offer policy places different way to pay for their health care. This type of insurance allows the individual to pay for the current health expenses and also save for untoward future qualified medical and retiree health costs on a tax-free basis. With this health care plan, you decide on how your money is spent. You make all the decisions without relying on any alternative party or a health insurance company. You decide on which investment will help your money grow. However, if you sign up for an HSA, High Deductible Health Plans are required in adjunct to this type of insurance.
High Deductible Health Plans : Also called Catastrophic Health insurance Coverage. It is an inexpensive health insurance plan which is made possible only after the high deductible is met of at least $1, 000 for an individual expense and $2, 000 for family-related medical expense.
Managed Care Options
Preferred Provider Organizations : This is charged in a fee-for-service basis. The involved health care providers are paid by the insurance company on a negotiated fee and schedule. The cost of services are likely lower if the policy holder selects an out-of-network provider ad generally required to pay the difference between what the provider charges and what the health insurance has to pay.
Point of Service : POS health insurance plans are one of the indemnity type options in which the primary health care providers usually make testimonials to other providers within the plan. In case the doctors make testimonials which are out of the plan, that plan pays all or most of the bill. However, if you refer yourself to some other provider, the service charges may also be covered by the plan but the individual may have to pay the coinsurance.
Health Maintenance Organizations : It includes access to a network of medical professionals, health care institutions, health care providers, and a variety of health care facilities. You have the freedom to choose for your personal primary care doctor from a list which may be given by the HMO and this chosen doctor may go with all the other elements of your health care. You may speak with your chosen primary doctor for further testimonials to a specialist. Generally, you are paying fewer out-of-pocket fees with this type of health insurance plan. However, there are certain instances you will be often charged of the fees or co-payment for services such as doctor visits or prescription medications.
Government-Sponsored Health insurance
Indian Health Services : This is organ of the Department of Health and Human Services Program offering all American Indians the medical assistance at HIS facilities. Also, HIS helps in paying the cost of the health care services utilized at non-HIS facilities.
Medicaid : This is a federal or s state public assistance program created in the year 1965. These are around for the people who may have insufficient resources to pay for the health care services or for private plans. Medicaid is available in all states. Eligibility levels and coverage benefits may vary though.
Medicare health insurance : This is a health care program for people aging 65 and older, with certain ailments that pays organ of the cost associated with hospitalization, surgery, home health care, doctor’s bills, and skilled nursing care.
Military Health care : This type includes the TRICARE or the CHAMPUS (Civilian Health and Medical Program of the Uniformed Services) and CHAMPVA (Civilian Health and Medical Program of the Department of Veterans Affair). The Department of Veterans Affair (VA) may also provide this service.
State Children’s Health insurance Program : This is available to children whoever low-income parents were not able to qualify for the Medicaid.
State-Specific Plans : This type of plan is available for low income uninsured individuals.
There are many different types of insurance coverage that you will find the prerogative to know about. By learning which medical insurance fits your position, you can avail of the numerous options that will probably be of great assist with you in occasions when you will need it most. Insurance costs have typically become one of the common draw backs in choosing for an insurance quote. However, weighing the benefits will really matter. Make sure that you always see the benefits, terms and conditions before landing to whichever type of health insurance you choose.