Types of Health Insurance You Can Buy
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Health insurance is an important part of your financial planning. A minor illness or injury can set you back a bit, but a major illness or injury can devastate you financially now and into the future. Carrying adequate health insurance gives you peace of mind.
There are a variety of different types of health insurance plans you can buy. Each plan offers a different style of coverage. Each plan has a basic premium but there may be other costs depending on your family’s health and your medical history.
Two health plans that you hear a lot about are managed care and indemnity plans. They are significantly different in their basic approach to health care but broadly speaking the major difference involves choices.
Managed care plans have pre-existing service contracts that they have entered into with specific hospitals, health care providers, and doctors. A managed care plan will mean less paper work for you and much lower out of pocket expenses.
There are 3 types of managed care programs available:
The PPO or preferred provider organization combines managed and indemnity to come up with its own flavor. You can choose from professionals in the PPO network or outside the network. If you choose outside the network you simply pay the bill and then submit for reimbursement. If you choose a PPO doctor you will pay a nominal flat fee for service.
HMO or health maintenance organization requires you to pay when you see an HMO doctor but there is no plan deductible. HMO will give you a list of doctors to help you choose a primary doctor.
On the other hand the indemnity plans will offer you a wider choice of health care professionals to choose from because these plans have no predefined contracts. You can expect to outlay higher amounts. Generally you pay the bill and then submit it. Deductibles start at $200 and go up from there. Some plans will cover 80%, although there are variations.
Over the years these two types of plans have actually begun to blur. In fact some indemnity plans are beginning to look more like managed care plans.
Group insurance can be offered by employers. Check with your company. Group policies cover a group of people regardless of physical condition, age, or any other issue. Premiums are based on a group rate rather than individual assessments, which makes it a lot cheaper.
Individual insurance is carried by anyone who does not have access to group insurance. Upon receiving your application you and your family members who will be covered by the policy will be evaluated and your risk assessed. This will determine your premiums and any restrictions your policy might have.
Besides your basic medical coverage for visits to the doctor or hospital, you can also buy additional coverage. Vision care is one of those coverage’s that is worth considering especially if you have younger children in your home. Plan coverage varies but usually covers your eye exam, glaucoma screening, and glasses or contacts up to a set amount.
You can also purchase dental insurance which provides you with coverage for dental related services such as diagnostics, checkups, restoration, and repair of your teeth.
The type of health insurance you decide to purchase will depend on your personal needs and the needs of your family. By doing your research and understanding the different types of insurance available you will be better equipped to buy the right health insurance.
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