What you need to know about health insurance

Posted by Nick

June 18, 2008

There are two basic kinds of health insurance. There are indemnity plans and managed care plans, which include health maintenance organizations (HMO), preferred provider organizations (PPO) and point of service plans (POS). With an indemnity plan, you are free to choose your own doctors. Depending on the plan, it either covers your medical bills in full or in part. A managed care plan offers a slightly wider range of coverage. With this plan, there is a selected network of doctor’s that you will have to choose from. A good policy will have a high maximum benefit in order to take care of you, should you become severely ill or injured. Also, hospital insurance will cover all of your room and board expenses if you require a hospital stay. Surgical insurance covers the cost of the surgeon and related costs, and regular doctor’s office visits and doctor hospital visits are covered by physician’s insurance. It is wise to make sure these three things are a part of your policy. It is also a good idea to make sure that you have additional coverage you may need, such as prescription drug coverage, preventative care, mental health coverage, and vision care. Just like other kinds of insurance policies, you may have additional charges besides your monthly premium. Deductibles are a set amount you have to pay upfront, before the insurance will pay a claim. Co-pays are a set amount, depending on the doctor, you will have to pay at each office visit. Also, there is co-insurance, which is a percentage you will have to pay even after your deductible is met. Health insurance is sometimes better off purchased individually because you are able to personalize your plan for what best suits you. You should consider a few things when buying a plan. You need to make sure that the plan covers everyone you intend it to, as well as whether or not it includes your doctor. Make sure you find out the details concerning out-of-pocket expenses, such as deductibles, co-pays, and co-insurance. Finally, make sure that the company is in good standings with other customers to avoid any issues later on.

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