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Key Health Insurance TypesWhen you are choosing health insurance, it is essential to pick the type of insurance that best fits your needs. Hopefully, you are employed and can receive insurance through your employer. This usually saves you a bundle. If not, there are still insurance plans available, but they often require higher monthly fees.
A number of years ago, the federal government and certain state governments established laws preventing insurance companies from denying any application for insurance. If you have a preexisting condition, you are guaranteed a right to insurance, but this doesn’t mean that insurance will be inexpensive.
If you have just quit or been laid off from a job, request COBRA coverage. COBRA plans will cover you with the same insurance company, insurance plan, and monthly premium for a period of up to eighteen months. This is the best step if you will be looking for another job or need affordable coverage while you look for a new plan.
HMOs and PPOs are most common. You select either one doctor or one medical practice to handle all of your medical needs. In return, you are assigned a co-pay amount. Anytime you need medical care from your doctor, you pay this co-pay up front and then your insurance company pays the balance. With HMOs and PPOs, there is no claim form or messy paperwork to deal with. All transactions are computer based and run through your identification card.
Medical Savings Accounts (MSAs) require you to make monthly deposits over a span of time. The balance then must be used up as soon as you elect to withdraw the money. If you request a withdrawal, there is usually a span of time that allows you to use up the entire balance or you may risk losing all of that money.
Point of Service plans require claim forms to be filled out with every doctor visit. After a doctor visit, you pay your percentage, or sometimes the whole bill, and then fill a claim form to get the insurance payment to cover the balance. If you are required to pay for the entire bill up front, the claim form is filled out so that the insurance company will then reimburse you for the other percentage. Point of Service plans are usually more trouble because doctor’s offices and insurance companies can easily misplace your claim forms.
Health insurance is important for everyone. Before applying for insurance rate quotes, consider your needs and make sure you choose a policy that fits your requirements.
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