Buying health insurance coverage for yourself and your family is one of the best investments you could ever make. The health of you and your family should be top priority, so with health insurance you will be able to ensure that your family’s health will be covered during hospital visits and stays. It is important that you purchase the right plan, so that the services you need will be covered under the policy. There are different plans out there to choose from, so it only takes a bit of research and time to search around for the best rates in order for you to find the best deal.
What You Have to Pay
There are different types of insurance policies out there and each of them require a different amount for you to pay. The monthly premium that you receive is determined by your application process. If the health insurer requires there to be a health screening, that will also play a role in how much you are charged for your monthly premium for your health insurance policy. During the application process, you are asked a series of questions about yourself and family members that will be insured. They will ask health questions regarding your current health and previous health conditions. If you have pre-existing health conditions, you will be charged more for your health insurance premium rates. There are also other expenses that you may have to pay for out of your own pocket, such as coinsurance and deductibles. The coinsurance or co-payments that you are required to pay for your insurance coverage is determined by the health insurance agency and the type of policy you’re holding.
With an HMO, or Health Maintenance Organization, you will have a low monthly premium and low co-payments to make for preventive care services. For doctor visits, you’ll have to pay around $5 and for hospital stays, it will be around $25. Then for the other policies like the POS, or Point of Service, plan you are required to pay co-insurance when you are using a health care provider that is outside of the network of your policy. When you are referred to a provider that is outside of the network by your primary care physician, then some or all of the costs of the medical bills rendered will be covered. PPO, also known as Preferred Provider Organization, is another plan that requires co-payments for using providers that are outside of the network. You will have to endure most of the costs in this case. Sometimes, there is also a deductible that must be paid before receiving services in a PPO plan. A deductible is also required to be paid on the fee-for-service option. Here, you don’t have to stay within a network of providers, you get to choose to use any doctor, anywhere. With the fee-for-service, you have to pay a deductible and co-payments for the services you receive.
There is a cap placed on the fee-for-service option, which means you have a maximum of how much benefits you will receive annually. So if you’re very sick and are in and out of the hospital constantly, you may only have to pay for medical bills up to a specified amount. Once you pay the annual deductible, you will have a maximum that you’re required to pay for medical expenses out of your pocket. Let’s say your cap is $1,000. You reach your deductible, then are required to help pay for medical expenses and then once you have paid $1,000 for your medical bills, all of the remaining medical bills for that year will be covered — you won’t have anything else to pay. Your monthly premium isn’t included in the expenses you pay.
The deductibles that you have to pay on some health insurance policies are chosen by you. The higher you put your deductibles, the lower your health insurance rates go. You should pick a deductible that you feel comfortable paying out of your own pocket. These are annual deductibles, so once it is paid, you won’t have to worry about it until you renew your policy the following year. Then if you want to lower your deductibles or raise them the next time around, you can.
Shopping for Coverage
Using the internet to find a health insurance policy should be a piece of cake. You can double or triple the amount of quotes you can get daily by using internet comparison websites. You will be able to view the quotes you receive side-by-side, so you’re able to pick the one you want easily.
Staying healthy is another way to keep your health insurance and medical costs down. You should eat right and exercise consistently. At Groupon, you can find deals on workout gear from brands like Athleta.