Health Insurance Options For You
Everyone needs to have health insurance. If you do not have insurance and a family member suffers a serious illness that requires that they need medication for an extended time or to stay in the hospital for an extended time, how long would it take for those medical bills to drain your savings?
Everyone needs to have health insurance. If you do not have insurance and a family member suffers a serious illness that requires that they need medication for an extended time or to stay in the hospital for an extended time, how long would it take for those medical bills to drain your savings?
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.
You may find that you can choose from several kinds of coverage. Before making the choice, you should study the plans and see which is actually best for you.
With the fee for service insurance plan, you get to choose your doctor and the insurance pays all or part of the bill.
With a HMO or Health Maintenance Organization, you pay one monthly fee and are able to visit the doctor’s office as needed for a small or no fee. You are restricted to visiting the doctors that are a part of the HMO or you will have to pay the bill yourself.
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.
Persons who have been laid off or left a job may qualify for COBRA that allows you to continue with the company insurance plan for a certain number of months as long as you pay the premium. Recent legislation allows the government to reimburse your former employer for your insurance if you were recently laid off for up to nine months.
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