Options For Health Insurance Coverage
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?
To avoid this situation, you should purchase as much health insurance as is affordable to your family. Unfortunately, that amount may be less than you actually need. Medical expenses are rising almost daily. Employees are being asked to pitch in or pay more for their portion of the company health insurance. Insurance companies are pushing you to use their preferred providers and paying less for providers that are out of network.
There are several types of coverage available, and you may need to choose between plans. Learn all you can to choose the best plan for you.
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.
In a HMO, you pay a monthly fee and can go to the doctor as needed with no or very little deductible. Unfortunately, if you see a doctor that is not a part of the HMO, you will end up paying your own bill.
Preferred provider plans allow you to choose your doctor from doctors that have a contract with the insurance company to get a discount on the amount you pay for health care. You can see doctors that are not a part of the plan, but expect to pay more.
COBRA may allow you to continue your insurance from a former job for a limited time. You will be responsible to pay the insurance premium.
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