Whether you get health insurance through your job or on your own, you will be able to choose from different plans. Know the basics of the most common types of health insurance so you can choose the right one for you. After this, it's a good idea to get many health insurance quotes and compare them. This is a free way to look at plans and prices side by side.
Paying for a service
The fee-for-service plan was very popular for a long time.
Whether you get health insurance through your job or on your own, you will be able to choose from different plans. Know the basics of the most common types of health insurance so you can choose the right one for you. After this, it's a good idea to get many health insurance quotes and compare them. This is a free way to look at plans and prices side by side.
Paying for a service
The fee for service plan was a common and popular type of health insurance for many years. The insured person pays a fee each month. On top of the cost of the services, a deductible is added. Some services that help you stay healthy or help you in an emergency may not count toward the deductible. Once the deductible has been paid, the cost of services is split between the insured person and the insurance company. The split may be 80/20 or 70/30 for most companies. The company pays 80% or 70% of the cost, and the insured person pays 20% or 30%. The total amount of money the insurance company will pay out in a lifetime will be limited.
Organization for Health Maintenance (HMO)
In the last ten years, more and more people have joined HMOs. Again, the insured pays a premium, which makes him or her a member of the HMO. As a member of the group, the person is allowed to see any of the group's doctors. All of these doctors may work together in an HMO building or in separate clinics as part of a group of doctors hired by the HMO. When a member goes to the doctor, they may have to pay something called a "co-pay." An HMO member's claims can be verified without any paperwork, but they may have to wait longer for non-emergency appointments than they would with a fee-for-service insurance plan. Most HMOs require their members to have a primary care doctor. If the member needs to see a specialist, the primary care doctor refers the member to the specialist.
Preferred Service Providers (PPO)
The PPO is a type of health insurance that is growing quickly. It is a mix of the fee for service model and the HMO model. Like an HMO, there is a network of doctors from which the insured person can choose his or her doctor. This doctor is in charge of figuring out who needs specialised care. When you go to the doctor or the hospital, you will have to pay a co-payment. There will also be a deductible, and the insured person and the insurance company running the PPO will agree on how to split medical costs. A person may choose to see a doctor who is not in the network. The patient's share will go up if they pay for medical care outside of the network.
Please get as many quotes as you can so that you can compare prices and services. This is a free way to find out a lot about everything you can do.
