Health insurances are advantageous but not everyone has the ability to pay for one. In the United States alone, it is estimated that there are up to 46 million Americans who are not covered by such policies. In other countries, the ratios of people with health care insurances to those without are practically higher.
Health costs are typically sky high. Consequentially, medical insurance rates are also expensive. Thus, it is not surprising that most people are opting for affordable individual health insurance products. Here are available options for such products that you could easily and instantly consider and prefer.
Health Maintenance Organizations Or HMOs
HMOs are often the cheapest of all health insurance plans. Such programs are providing health care through an extensive network of hospitals and doctors. With such plans, you are made to shoulder a small fee called a co-payment for every doctor visit. There is no need to fill out bunches of forms like you do in traditional health plans. There is also no need to carry deductibles. When you get sick, consult a primary doctor or gatekeeper, who could refer you to a particular specialist. You would not be covered by the insurance if you go to a doctor or hospital that is not part of the network.
Preferred Provider Organizations or PPOs
PPOs are usually costing slightly higher than HMOs. However, they are more popular because they offer greater flexibility. These products are also provided through a wide network of health care providers. The co-payment you make for every visit with a doctor is almost similar as that you make on HMOs. There are also no numerous forms to fill out and deductibles to be paid. You could directly see a specialist even without consulting the primary physician.
Point of Service Plans of POSs
Among the three, POSs are the costliest, but they are still considered as affordable individual health insurance products. These provide the greatest flexibility, though. POSs provide health care via a wide network of health providers. You could also take an option to see any doctor of your choice. The co-payments required when visiting doctors are almost the same level as the HMOs and the PPOs. You would be reimbursed with up to about 80% for out-of-network visits to hospitals or networks. You may opt to pay a deductible as well.
Whether you choose HMOs, PPOs, or POSs, you could be sure your medical care needs would be covered. Such affordable individual health insurance products make health insurance more accessible and reliable especially among low-income people.
By: Alan Lim
Posts Tagged ‘Deductibles’
Options For Affordable Individual Health Insurance
April 14th, 2010Health Insurance 101
April 6th, 2010
Health insurance is a kind of insurance wherein the insurance company pays the medical costs of the insured individual if the individual in question falls ill due to covered causes, or due to accidents. The insurer may be a private organization or a government agency. The major purpose of health insurance is to cover medical expenses and any lost income while the individual is not well and unable to function normally.
There are different types of health insurance policies. The two most common ones are major medical and disability insurance. A major medical health insurance policy provides benefits for sickness or injury, irrespective of whether the care is provided at a doctor’s office, clinic or hospital. The types of sickness and injury covered are typically broad, although there are always limitations that you may want to discuss with your agent prior to purchasing the coverage. Major medical policies normally have an annual deductible and a lifetime maximum amount of benefits that will be paid.
Even if you are covered by a group insurance at work, you might consider taking an individual policy if you may change jobs soon, or if certain benefits that are not provided in the group policy.
A deductible is an annual amount that you will have to pay per insured person, before the insurance company begins to pay on your bills. There is an upper limit for the maximum amount of deductibles you will have to pay in a given year.
In a health policy, coinsurance refers to the percentage of the medical bills that the insured individual will have to pay after the deductible is met. Usually the health policy would have a provision called a ’stop-loss’ – this is the maximum amount you will have to pay for covered medical bills.
By: Chris Tolamalu
Health Insurance For Young Adults
March 27th, 2010
Health insurance is not always the first financial consideration for young adults. After all, when you’re young you feel healthy and don’t think you’ll have the need. Actually, health insurance is one of the most important financial protections you can get when you are young.
Many young people don’t often realize that they are usually dropped by their parents’ health insurance coverages when they either turn 18 or finish being a full-time student by age 23 or so. However, many young adults also feel like they don’t really need it either. Yet a single accident or serious illness can end up costing thousands of dollars.
Financial advisers strongly recommend that young adults maintain some sort of health insurance coverage. But how do you go about getting affordable health insurance?
First, check with your employer to see if they offer health insurance benefits. If so, and you are eligible, this is probably your best bet as far as the types of coverages you get at a low cost.
If your employer doesn’t offer health insurance, or you’re not eligible you can shop around for an individual health insurance policy. There are policies available that provide coverages for catastrophic need at affordable premiums. Usually, these have limitations to the coverages and feature high deductibles. However, they are still better than going uninsured.
Remember, health insurance costs can vary quite a bit from company to company, and some companies offer policies especially for people in your situation. Plan coverages also vary from company to company. Make sure to spend some time shopping around for comparison quotes and ask lots of questions so you fully understand your coverages and obligations.
If you are a full-time college student, you may be able to get student insurance through your college or buy shopping online.
You may also be able to participate in a form of group insurance through an association. If you are a member of an association, or are aware of any in your area that you can join, check to see if they offer access to health insurance.
By: Justin Scott
