 Health insurance rates have gone through the roof, but there is a way to get affordable insurance. Here's how to compare health insurance to get the cheapest rate.
Types of Health Insurance
You have four basic plans to consider when comparing health insurance plans:
Indemnity plans (also called fee-for-service plans) - These plans let you use physicians and hospitals of your choice. Your insurance company pays a percentage of your bills, usually 80%, and you're responsible for the remaining 20%. There are yearly deductibles (the amount you pay before your insurance company starts paying claims), and some some companies set a lifetime limit on the total amount of benefits they will pay.
Indemnity plans are the most flexible, involve the most paperwork, and are the most costly health insurance plans.
HMOs (health maintenance organizations) - These plans set you up with a network of physicians and hospitals. You pay a monthly fee and your provider pays for physician visits, hospital costs, and prescriptions drugs. You must choose a primary care physician who oversees your medical care.
HMOs are the least flexible, involve the least paperwork, and are the least expensive plans.
PPOs (preferred provider organizations) - Like HMOs, these plans set you up with a network of hospitals and physicians, but unlike HMOs you pay for your medical services and are then reimbursed by your insurer. PPOs require co-payments (the percentage of the bill you pay), and if you use a non-network physician or hospital you will pay a larger portion of your bill than if you use a network physician or hospital.
PPOs are more flexible than HMOs, involve more paperwork, and cost slightly more than HMOs.
POSs (point of service plans) - These plans also set you up with a network of health care providers. Like an HMO, you must choose a primary care physician to oversee your health care, but unlike an HMO, you may choose to see physicians outside the network for an additional fee.
These plans are more flexible than HMOs and PPOs, involve less paperwork than PPOs, and cost more than HMOs or PPOs.
Compare Health Insurance Quotes
In order to get the best price on your health insurance you need to compare rates from different companies. The quickest and easiest way to do that is to visit an insurance comparison website where you can get multiple quotes from A-rated insurance companies. A few of these sites even offer an online chat service so you can ask an insurance expert any questions you may have. (See link below.)
Before you purchase a health insurance plan you should find out the following:
1. Does the plan pay for all the medical services you need?
2. Are there pre-existing conditions that will make you wait for coverage?
3. What co-payments, deductibles, and coinsurance payments are there?
4. Is the insurance company reliable and does it have a good rating?
About the Author: The author, Brian Stevens, is a former insurance agent and financial consultant who has written numerous articles on how to compare health insurance. |
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