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Thinking about
Heath Insurance Coverage?
You Need A Plan!
Heath Insurance Coverage?
You Need A Plan!
Buying health insurance whether it’s your first time or hundredth can be a daunting and confusing undertaking. Especially when you take into account all the policy changes and amendments that can take place annually. Coverage options vary wildly as you are presented with a plethora of coverage options and details which can leave you dizzy and unsure of what to do. However, getting the perfect plan that suits your specific needs doesn’t need to be complicated.
In order to make this process a lot easier, you will need to have a clear directive, a personal plan that outlines your specific needs, wants, and desires for your unique situation. Ask yourself a few questions, who am I insuring, what medical expenses will I need to have covered, how much can you afford for copays and deductibles, and how much can you afford for your premiums.
In order to make this process a lot easier, you will need to have a clear directive, a personal plan that outlines your specific needs, wants, and desires for your unique situation. Ask yourself a few questions, who am I insuring, what medical expenses will I need to have covered, how much can you afford for copays and deductibles, and how much can you afford for your premiums.
Common Healthcare Plans
To make the best informed healthcare benefit choice, you’ll need to understand the differences in coverage types. Here are some of the more common options you will come across. PPO (Preferred Provider Organization), HMO (Health Management Organization), and HDHPs (High Deductible Health Plans).
PPO - is a plan that provides access to doctors who work under a common agreement within a designated network. The PPO plan providers (doctors in this network) agree to charge members less than non-member participants. On top of this, PPO’s usually provide you with a broad spectrum of doctors and specialists without having to take the additional steps of obtaining referrals which saves time.
HMO - plans give you a single PCP (Primary Care Physician) who provides you with initial care. If you need to see another doctor or specialist for a particular problem that is beyond the scope of your primary care doctor, your PCP will need to issue a referral for the specialist visit. Not only can this take more time, you also have fewer choices on who you are allowed to see.
HDHP - is a type of health insurance plan that has a high out-of-pocket expense which you must pay before the insurance plan begins furnishing its benefits (prior to benefits kicking in). Despite this, the trade off is, you will have monthly premiums that are lower than other insurance plans.
PPO - is a plan that provides access to doctors who work under a common agreement within a designated network. The PPO plan providers (doctors in this network) agree to charge members less than non-member participants. On top of this, PPO’s usually provide you with a broad spectrum of doctors and specialists without having to take the additional steps of obtaining referrals which saves time.
HMO - plans give you a single PCP (Primary Care Physician) who provides you with initial care. If you need to see another doctor or specialist for a particular problem that is beyond the scope of your primary care doctor, your PCP will need to issue a referral for the specialist visit. Not only can this take more time, you also have fewer choices on who you are allowed to see.
HDHP - is a type of health insurance plan that has a high out-of-pocket expense which you must pay before the insurance plan begins furnishing its benefits (prior to benefits kicking in). Despite this, the trade off is, you will have monthly premiums that are lower than other insurance plans.
Premiums, Deductibles, And Coinsurance
Now that you have some familiarity with common plan types, let’s talk about monthly premiums. Quite simply, a monthly insurance premium is required to be paid in full in order for you to receive benefits. There are other costs that you may be obligated to pay alongside the monthly premium. These include deductibles, copayments, and coinsurance.
- Your monthly insurance premium is your cost to have access to the health plan and its benefits.
- Deductibles is the amount you pay for covered healthcare services before your insurance plan begins to pick up the tab.
- Coinsurance is the percentage of costs of a covered health care service you pay (20%, for example) after you've paid your deductible.
- Your monthly insurance premium is your cost to have access to the health plan and its benefits.
- Deductibles is the amount you pay for covered healthcare services before your insurance plan begins to pick up the tab.
- Coinsurance is the percentage of costs of a covered health care service you pay (20%, for example) after you've paid your deductible.
Family Plans
Trying to purchase health insurance coverage for the entire family rather than for a single individual? This will have even greater complexities over someone who is looking for just individual coverage options. Family plans are typically a lot more expensive than that of comparable single person plan options simply due to the fact you're asking to cover multiple individuals with varying needs. A simple way to find family insurance is to upgrade your existing individual plan option to a family plan. However; this isn’t the most cost effective strategy. To get the best health plan coverage at the most affordable rate for your area, simply answer the question(s) at the top of this page or click here, enter your email and you’ll get instant access to the easiest way to compare rates and get quotes.