| Medical Insurance - Dont Pay Too Much (insurance)
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Medical Insurance - Dont Pay Too Much
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Medical Insurance - Dont Pay Too Much
It's hard to give up several hundred dollars a month for something you might not need to use all the time, but when major medical insurance is needed, the investment is more than worthwhile. Since medical bills can pile up into the thousands and even hundreds of thousands without any warning, going without major medical insurance can be a gamble most people can ill afford to take.
If you're looking to buy major medical insurance outside of an employment situation for yourself and possibly your family, the purchase should not be considered lightly. You'll want to review everything about potential insurance carriers from their payment records to their policy premiums.
Getting started in a search for a policy is a fairly easy under taking. There are lots of agents in most areas more than willing to help and the Internet is loaded with sites that offer free quotes. You can start with these places to find major medical insurance options, but take care to understand what kind of policy you'd like to buy first.
Before shopping for major medical insurance, decide these things:
* Who you'd like covered. Policy premiums for major medical insurance coverage will vary greatly depending on who you want on the plan and what pre-existing conditions they might have. In some cases, you'll find the pricing gap can be quite large depending on the ages and physical conditions of those who are to be insured.
* Type of policy. Major medical coverage generally comes in three basic forms - HMO, PPO and catastrophic. An HMO is generally the mid-line priced policy and it operates using a primary care physician to oversee all medical care. The PPO allows participants to go to any doctor in a network they wish, but it costs more. The catastrophic option pretty much only covers hospitalizations, but this can be a big deal.
* Deductible/co-pay amounts. You might not have control over where these are set when shopping for medical coverage, but if you want to save money monthly, choosing a high amount can really make a difference. Of course you'll also pay more if there's a problem, but that's a gamble you'll have to decide on when buying a major medical insurance policy.
* Drug coverage. Not all medical insurance polices offer this option, but it can be a good one if it can be had. Medications can be very costly and any price break is generally appreciated.
Once you decide what you want in major medical coverage, it's a good idea to shop around for a policy and carefully weigh multiple choices. Don't settle on the first policy you find. Check into major medical insurance carriers you're considering and make sure they have good track records for payments, customer satisfaction and so on.
Going without major medical coverage is a big gamble. This, however, doesn't mean you have to pay a fortune. Shop around smartly for decent coverage and buy a policy that fits not only your budget, but your personal needs.
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Indemnity Low Cost Health Insurance Plan
As medical costs continue to rise each year and health insurance premiums climb, traditional indemnity health insurance plans are no longer the top choice when it comes to healthcare coverage. For many people indemnity healthcare plans, which are often referred to as "fee for service" plans, remain the favored choice, but many people are finding that they no longer have this choice as employers are switching away from indemnity cover to cut their overheads.
The beauty of indemnity plans lies in the freedom which they give to the policyholder to choose the care he requires, where and when he requires it. By contrast, the alternative managed care plans give policyholders far less choice and have led to many people describing them as plans which manage the policyholder, rather than manage the policyholder's care.
Although indemnity plans have been, and remain, popular with many people they do of course come at a price.
Having received the necessary medical care the provider's bill will need to be paid and, in many cases, this means that the policyholder will be required to meet the full cost of the bill in the first instant. Thereafter, the bill will be sent to the insurance company who, having checked to see that the treatment is covered by the policyholder's plan, will next check the bill against the its own list of "customary and reasonable" charges for the treatment in question. As long as the bill is considered to be reasonable the insurance company will then reimburse the policyholder, typically paying 80% of the bill, or whatever proportion is specified in the policyholder's plan.
Under an indemnity health insurance plan the policyholder is free to undergo treatment wherever he wishes and, should he choose to do so, he can opt for treatment with a leading specialist who will normally charge well above the average for the treatment being given. In this case the insurance company will simply pay that portion of the bill which it considers to be reasonable for the form of treatment in question and the policyholder will be required to meet the balance of the bill.
In addition to paying a proportion of each bill incurred, people who choose indemnity health insurance plans are also required to pay a monthly (or sometime quarterly or annual) premium and an annual deductible, which represents a sum of money to be paid by the policyholder each year towards the cost of medical treatment before the insurance company will start to meet medical bills. Although these costs can be high, this particular form of health insurance suits many people.
Today, managed care plans have improved considerably since the days of the original HMO plans and a PPO, or Preferred Provider Organization, is the plan which most closely matches an indemnity health insurance plan.
With a PPO, policyholders will normally be expected to seek treatment from within the PPO's network of doctors and healthcare facilities and costs will be lower as long as they do so. Policyholders still have the option of choosing to go outside the network, but when they do so, their out of pocket expenses will generally be higher. As with indemnity plans, policyholder will need to pay a monthly premium and, before the insurance company will contribute towards their costs, the policyholder will again have to first satisfy an annual deductible.
So which type of plan is better?
Well, assuming that you have a choice, the answer will depend very much on your particular preference. If you can afford the higher cost and place a high value on the ability to decide from whom you wish to receive your medical care then you will almost certainly be happier choosing an indemnity health insurance plan. If, however, you need to closely monitor your medical cost, but still wish to retain a reasonable degree of freedom of choice, then a PPO plan will probably meet your needs.
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