Health Insurance Explained
These days, with the economy like it is, people are cutting costs everywhere
, including insurance. The one cost that no one should be cutting out of their budgets is health insurance, and if you take the time to compare quotes online, you might be surprised at just how affordable it is to keep current coverage for yourself and your family. There are three main types to look for: traditional, PPO, and HMO, each with its own particular set of advantages and disadvantages.There are several important factors to remember when looking for a quote on health insurance. Most insurance companies have a set list of qualifications that they look at before creating a rate quote for any purchaser, especially when it comes to health coverage. These include, but are not limited to: age, lifestyle, family history, employment and current health. All of these factors will be considered before any company will issue rate quotes for any policy.
The first type of health insurance, traditional, otherwise known as fee-for-service, has long been a type of indemnity insurance for health coverage. Similar to policies issued to cover cars, you essentially paid a portion of your medical expenses up front by paying a deductible, and the insurance company covered the rest. You do not have complete autonomy with this kind of coverage, because it is managed, and you have to get permission in some case to even go to the emergency room. Also, because of the deductible, you pay the bills up front and submit them to the provider for reimbursement for anything over the deductible.
The next type, preferred provider organizations, or PPO, is a managed health care network with registered providers that give their policyholders a financial incentive to stay within that network. If you only visit a network provider, you only have to pay a flat fee per visit, usually around $10. This is known as a co-pay. If you want to see a provider that is not in the network, you may have to pay the entire bill up front, and then submit the bill for reimbursement. Another bonus is that if you ever need a specialist, you can refer yourself without getting permission, and pay the same co-pay, as long as it is an in-network provider. The only downside is that preventive care services are not always included in a PPO.
Health maintenance organizations, or HMOs, are the least expensive health care plan, but are also the least flexible type of plans. In exchange for a low co-pay, low premiums and minimal paperwork, the HMO will require you only see their doctors, you must choose a primary care physician, and get a referral from that doctor to see any specialist. Should an emergency arise, before you can go to the ER, you have to call and hope they approve it, or you will be responsible for the entire bill. This is an either-or kind of plan: you either see their doctors or you pay for the expenses yourself.
There is nothing more important these days than having the right kind of health coverage. By doing your research, and by comparing rate quotes, you should be able to find the best policy for you and your family. The three types of coverage available are traditional, PPO, and HMO, and depending on your needs, any or all of them may have what you need.
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