Options For Health Insurance Coverage
Every person should have health insurance coverage. Without health insurance coverage, a family can experience financial ruin if a family member becomes ill and requires extended time in the hospital or must pay for costly medications. Savings accounts that have taken years to build can suddenly be drained with medical costs.
You should buy as much health insurance as can be afforded reasonably, that is the clear and simple fact. Unfortunately, there are no other facts about health insurance that are so clear or simple. Medical expenses cost more every day. Employers may be asking you to pay more for their portion of the company health insurance, and insurance companies want you to use their preferred providers to keep costs down.
Since there are several different plans, you will want to choose the one that best fits in your situation. Take time to research each of the different plans.
Fee for service insurance allows you to choose your own doctor. Bills are submitted to the insurance company, which pays either part or the entire plan.
Health Maintenance Organizations charge a monthly fee, but then allow you access to medical care within their own doctors as needed. You may not pay any fee or you may have a small co-pay. I you see a doctor outside of the HMO you pay his fees.
A preferred provider plan lets you choose your own doctor from a list of providers that have signed a contract with the insurance company. They agree to give the insurance company a discount for your health care. If you see out of network doctors, you will pay more.
If you have been recently laid off or left a job, you may qualify for COBRA which allows you to keep the insurance from your former job for a certain number of months. If you have been recently laid off, the government will reimburse your employer for a portion of the fee for COBRA for up to nine months.
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