What Kinds Of Health Insurance Are There?
When it comes to health insurance, there are many different options available. Some of these will focus on particular groups of people and may not be available to you. Here is an overall look at what is out there on the market.
Types of Coverage Available
Most all plans will have some form of coverage that involves one of three types. There is the basic coverage, which covers emergencies, hospitalization, and some treatments and surgeries. Then, your major medical covers anything that is not covered in the basic plan. A policy that gives you comprehensive coverage will cover both your basic and major medical needs.
Types of Insurance Available
1. HMO's
An HMO, or Health Maintenance Organization, is a group of health care providers that have joined together. An important feature of this group is their emphasis on preventive medicine that includes physicals, regular office visits, mammograms, well baby care, and much more. A possible drawback is that there may be a limited number of providers in a specific geographic location. You must select a primary care physician as your main doctor, and referrals are necessary to see another doctor.
2. Fee For Service
This individual health insurance plan gives you the widest range of flexibility in that you can basically see anyone that you want - specialists, too - even if they are out of state. While it does cost a little more, the convenience may be worth it. The one limitation, though, is that the health insurance company will only pay for any procedure in accordance with what it would cost if it were performed in your geographical area - you pay anything extra.
3. PPO's
The Preferred Provider Organizations (PPO's) are a combination of the preceding two plans. They have a limited number of doctors and you must choose a primary care physician, but you have the liberty of visiting providers outside of the system. They can also provide some preventive medicine. There is often an annual deductible, and you may need to pay on each visit. They are a little cheaper than the fee for service, but you will also pay a higher percentage when you visit physicians that are out of the system.
4. Health Savings Accounts (HSA's)
Another option that you may want to consider, is to get your health insurance coverage with a Health Savings Account. By getting a high-deductible insurance policy, and by reducing the amount of your deductible, you will also lower your premiums. This allows you to put that amount, and more, into a savings plan that is tax-deductible. Any amount of money used toward your medical bills is also tax exempt, and counts toward the deductible of your insurance policy. You control the money, and can even use it toward other purposes if need be, but those amounts are not tax exempt.
5. Medicare
These government sponsored low cost health insurance programs provide benefits in proportion to the number of years of Medicare-covered employment that you had. Hospital insurance is free if you had more than 40 quarters of employment. Medical insurance carries a monthly fee of $88.50, and a plan is available for prescriptions. This program and other ones (Medicare Advantage and Medigap) are specifically designed to help the poor and the elderly, and certain other groups of people who qualify.
6. Group Insurance
This form of insurance is usually obtained through your place of employment. It is usually much cheaper because the employer will often pay some of the premium. This large and small business health insurance is available to groups of any size – even to a business of one in some states.
7. Long Term Care
Long term care deals with treatment, hospitalization, or illnesses that cover an extended period of time. Most private health insurance policies and Medicare does not provide reimbursement for this situation. Long-term care policies can be purchased separately.
8. High Risk Pool Insurance
This insurance is for those who have preexisting health conditions that prevents them from being issued a regular private health insurance policy. These are available alternatives but will have considerably higher premiums, and will often have a waiting period for any preexisting conditions.
In order to start your investigation of various health insurance plans and to get your free health insurance online quote, you can start here.
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Free Health Insurance Quotes
By comparing health plans with other rates, you should be able to find the right plan. You can get your free health insurance quotes at the following sites:
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