It doesn’t take a financial specialist or rocket scientist to know that he cost of health care in the USA is on the rise and finding the health insurance plan that is right for you and fits your budget is not an easy task. Before starting your search for a quality health insurance provider of an adequate health plan it is important to know who needs to be covered and what you would your main goals are in terms of coverage with a health care plan. Thoroughly understanding these factors will assist you in correctly choosing the health care plan that is the best fit for you and your family quickly and easily.
Before diving right in to family health insurance plans a quick primer on individual health insurance plans is necessary. An individual health insurance plan is just what you may expect- a plan to cover one person or individual such as yourself. Typically, if you do not have a spouse, life partner or any other dependents to cover this option is most likely going to be the most cost effective. There are many benefits and options from which to choose and many things must be considered before deciding on the right individual health insurance plan to include cost, coverage and freedom of choice when selecting what physicians, doctors or healthcare specialists to see for your medical needs.
When searching for a particular plan there are several popular choices, the indemnity plan is the most traditional health insurance plan covers visits to the doctor, physician or health care specialist of your choice. In addition, this plan will cover the procedures that the physician or specialist deems necessary. There are some costs involved such as deductibles and out-of-pocket limits, which can vary, and as expected these factors will have an impact on the cost of the plan. Though this plan offers the most freedom of choice in regards to whom you see for your medical coverage needs, it is generally the more expensive and cost prohibitive type of individual health insurance plan.
Individual managed plans, also referred to as, HMO’s or Health Maintenance Organizations, are more cost effective than indemnity plans but for a reason because you do sacrifice several of the freedoms associated with an indemnity health care plan. With an HMO, you are provided an approved list of doctors whom you must see for routine medical appointments. In addition, any specialist whom you must see has to be done by or through a referral from a physician within the HMO network. If you only go to the doctor for your yearly physical and occasionally for an antibiotic, this plan could work well in covering your medical and health insurance needs. Finally, HMO’s do cover health emergencies though you will have to jump through more hoops and paperwork drills in order to receive proper coverage.
As you may suspect, a family health insurance plan is one that covers the health care needs for a family. It comes as no surprise then that since these health plans cover more than one person, the cost is going to be higher. Keep in mind, the more people that need to be covered, the more the plan is going to cost. Also there are other mitigating factors that can affect cost, such as gender, age and whether or not someone smokes cigarettes or drinks alcohol. These factors will play an important role in determining the affordability of the plan. There are family indemnity plans that offer the same benefits an individual indemnity plan offers. This can be a bonus that is worth the extra cost when dealing with multiple people. Interestingly enough there is family HMO’s as well. As with the individual HMO, you will sacrifice the freedoms that you have with an indemnity plan. Of course, the cost will be more expensive than that of an individual plan, but will not be as high as an indemnity plan.