Health Insurance Options
Adequate healthcare coverage is one thing everyone needs. From unexpected accidents to planned pregnancy and delivery, not having enough coverage can have devastating financial repercussions.
But even when you have insurance coverage, paying out of pocket can put a huge dent into your finances. Unfortunately, many healthcare plans are expensive. Even a visit to the hospital can cost a fortune.
This is where proper insurance coverage comes in. Read on to learn more about health insurance.
What is Health Insurance?
Health insurance is a form of coverage that helps pay for any kind of medical expense such as injuries and illness. As previously mentioned, healthcare is not the most affordable thing in the world, especially when it comes to something like an operation.
There are four factors of healthcare coverage that everyone needs to know about; the deductible, premium, coinsurance and copayment. The deductible is the amount that you have to pay each year.
However, whether or not you have a deductible varies on the type of insurance plan you have. An insurance premium is another set amount you pay to keep yourself insured and is usually paid monthly.
The coinsurance is simply the percentage of the bill that you must pay along with your insurance company. There are insurance plans that cover everything for you, but it depends on the plan.
Lastly, the copayment is a flat fee that you must pay each time you either go to the doctors or fill a prescription. Keep in mind that this fee is not associated with your deductible.
Types of Healthcare Coverage
Now that you have a basic understanding of what healthcare coverage is, let’s go into what types of coverage are available.
Here are the types of healthcare coverage to choose from:
- Traditional Coverage – This form of coverage is what a majority of people have. It is the most basic type of coverage and covers things like surgery, hospitalization and doctor visits.
- Managed Care Coverage – Managed care coverage is where medical providers sign contracts with other medical facilities to give people care.
- Fee-For-Service – Fee-for-service is a type of traditional coverage where it either reimburses you after a filed claim or outright pay off the bill for you.
- Preferred Provider Organizations (PPO) – PPOS is a type of managed care coverage in which it signs contracts with multiple medical facilities. This is done to essentially create a diverse network of various doctors and hospitals. People won’t have to pay as much on this plan if they see someone within the network.
- Health Maintenance Organization (HMO) – HMO is another type of managed care coverage. Basically, you must pay an annual fee to the HMO in order to be provided healthcare.
Each of these comes with their pros and cons, so be sure to think carefully before choosing one.
Why Everyone Needs Healthcare Coverage
Aside from helping pay for your medical expenses, that’s not all there is to healthcare coverage. Healthcare coverage keeps people from going bankrupt. People who are uninsured often face financial ruin due to being unable to pay the bill out of pocket. In fact, this is one of the most common reasons why people go bankrupt.
Healthcare coverage also makes it easier to manage every medical payment you make. This is because each payment you make is uploaded into the system of the insurance company’s database.
If you’re looking for affordable healthcare coverage, we’ll help you out. Our sole purpose is to help them find the right coverage that suits each and every one of their needs. For more information about healht or other types of insurance coverages, contact us today.