Are you currently shopping for health insurance? There are millions of people buying health insurance on any given day in America. These people may be self employed or even unemployed. Some may be people who have retired and some may be employees of companies which do not offer health insurance. Go through the section below to have an idea about the information you need before buying a health insurance plan. In this section, you will come to know about the kinds of covers that are available to you, the costs involved and the out of pocket costs you might have to bear. You will also get tips on getting more value for money and find out who can receive insurance.
- Kinds of coverage available
Just as in group insurance plans, you can avail of traditional indemnity or fee for service plans. You can also get Health Maintenance Organization Plans (HMOs) or Point Of Service, PPO type of plans.
- The costs involved
The premiums available for such plans vary greatly with the area you are from and the age of the buyer. Usually, if you belong to a higher age group, you pay more than. Again, the costs for a plan may be higher in one part of country compared to others. You may have to pay a higher premium for an individual plan as compared to a family plan. However, this may not be proportionately higher.
- Out of pocket costs you have to bear
there is a wide selection of cost sharing options you may choose from. You might opt for a plan which requires the payment of a certain amount of deductibles before your cover starts. Or, you might also go for a plan which is low on monthly premiums and requires the members to pay a couple of thousands before covers start. There is also a great variety of co payments available with ranges available for as low as $30.
- Get more value for your money
One of the ways in which you can get greater value for your money is by linking your health insurance plan to a Health Savings Account (HSA). Experts feel that it is a good option for people who buy their own health plans. This is because these plans have lower monthly premiums compared to traditional health plans. Also, contributions to the HSA are eligible for tax deductions up to a certain amount.
- Who can receive insurance?
If you are applying for individual insurance, you might have to present a medical history. In certain cases, the carrier may also require that you go for a medical exam so that a correct idea may be had about your risks. As a precautionary measure, to ensure that people who have certain diseases are not denied covers completely, more than half of the states in the country have high risk pools. But covers under these pools are typically higher than normal covers offered by private carriers.