Health Insurance
In today's economy, everyone needs health insurance. In fact, recent laws make it illegal to go without it, and that's only one reason that you need to get covered if you don't already have the right type of health insurance. Many health insurance companies in Summit and throughout the country have increased the options available to the U.S. consumer. Whether you're looking for protection in the case of accident, illness, or long-term manageability of a specific condition, it's important to learn more about the different types of health insurance available today. If you're currently enrolled in a health plan, you should become as educated as possible about the type of health insurance you have. And, if you don't currently have health insurance, it's even more important for you to learn about the types of health insurance options available in the current healthcare market.
Health insurance helps to pay for your doctor and hospital visits when you need to seek medical attention. It also helps to pay for your prescription medications, and it can even help you to pay for needed dental care and maintenance. The main types of health insurance coverage available today are group, individual, fee-for-service, managed care, HMO, and PPO.
Group
Most employed people throughout the U.S. receive their health insurance through group health insurance plans. Because they're enrolled in health insurance through their employers, individuals with group health insurance are able to enjoy the benefits of being in that group. These benefits include such things as not having to worry about taking physical examinations in order to be accepted into the plan and even the ability to be accepted regardless of a pre-existing condition. In fact, current laws prohibit coverage denial based on health history. Another of the main benefits of group health coverage is its typically lower cost.
Individual
Individual health insurance usually comes with a higher cost, but there are advantages to having such insurance. One of the main benefits of individual health insurance plans is the ability to choose the co-pay and deductible for yourself, whereas many group plans have these amounts already set within them. Additionally, individual plans often provide the ability for policy holders to select their primary doctors, while many other types of plans such as HMOs (health management organizations) limit such choices.
Fee-for-service
Also referred to as 'indemnity plans' or 'traditional plans,' fee-for-service health insurance plans are the oldest form of health insurance around today. These plans are often quite expensive, but they do have their advantages for those who can afford them. Fee-for-service health insurance provides policy holders with the ability to go to any physician regardless of location, while many other types of health plans have doctors within a specified network whom policy holders must use. Additionally, indemnity health insurance plans permit their policy holders to see specialists without the need of obtaining a prior referral.
Health maintenance organization
More commonly known as 'HMOs,' health maintenance organizations are often offered by employers to their employees (group policy holders). These plans typically are less costly than many other types of health insurance, making them an attractive choice for many individuals and families. Because they are group plans, HMOs typically offer lower co-pays, deductibles, and premiums.
Managed care
Managed care plans limit their policy holders to specified networks of healthcare providers, a feature that helps to keep costs down. Because of their lower costs, including deductibles and premiums, managed care health insurance plans are beneficial to those who need to keep healthcare costs lower. Drawbacks of managed care plans include pre-approval for certain procedures and restrictions of coverage. However, their lower costs can make them an attractive option.
Preferred provider organization
Typically referred to as 'PPOs,' preferred provider organizations are similar to HMOs, especially since they are often offered by employers to their employees. Unlike HMOs, however, PPOs also typically include features found in indemnity plans, such as the ability to choose doctors outside a specified network, although choosing a doctor within the network typically lowers costs to policy holders.
Health insurance has become a vital part of life in the new millennium, and it's likely going to be that way for decades, perhaps even centuries, to come.
Health insurance helps to pay for your doctor and hospital visits when you need to seek medical attention. It also helps to pay for your prescription medications, and it can even help you to pay for needed dental care and maintenance. The main types of health insurance coverage available today are group, individual, fee-for-service, managed care, HMO, and PPO.
Group
Most employed people throughout the U.S. receive their health insurance through group health insurance plans. Because they're enrolled in health insurance through their employers, individuals with group health insurance are able to enjoy the benefits of being in that group. These benefits include such things as not having to worry about taking physical examinations in order to be accepted into the plan and even the ability to be accepted regardless of a pre-existing condition. In fact, current laws prohibit coverage denial based on health history. Another of the main benefits of group health coverage is its typically lower cost.
Individual
Individual health insurance usually comes with a higher cost, but there are advantages to having such insurance. One of the main benefits of individual health insurance plans is the ability to choose the co-pay and deductible for yourself, whereas many group plans have these amounts already set within them. Additionally, individual plans often provide the ability for policy holders to select their primary doctors, while many other types of plans such as HMOs (health management organizations) limit such choices.
Fee-for-service
Also referred to as 'indemnity plans' or 'traditional plans,' fee-for-service health insurance plans are the oldest form of health insurance around today. These plans are often quite expensive, but they do have their advantages for those who can afford them. Fee-for-service health insurance provides policy holders with the ability to go to any physician regardless of location, while many other types of health plans have doctors within a specified network whom policy holders must use. Additionally, indemnity health insurance plans permit their policy holders to see specialists without the need of obtaining a prior referral.
Health maintenance organization
More commonly known as 'HMOs,' health maintenance organizations are often offered by employers to their employees (group policy holders). These plans typically are less costly than many other types of health insurance, making them an attractive choice for many individuals and families. Because they are group plans, HMOs typically offer lower co-pays, deductibles, and premiums.
Managed care
Managed care plans limit their policy holders to specified networks of healthcare providers, a feature that helps to keep costs down. Because of their lower costs, including deductibles and premiums, managed care health insurance plans are beneficial to those who need to keep healthcare costs lower. Drawbacks of managed care plans include pre-approval for certain procedures and restrictions of coverage. However, their lower costs can make them an attractive option.
Preferred provider organization
Typically referred to as 'PPOs,' preferred provider organizations are similar to HMOs, especially since they are often offered by employers to their employees. Unlike HMOs, however, PPOs also typically include features found in indemnity plans, such as the ability to choose doctors outside a specified network, although choosing a doctor within the network typically lowers costs to policy holders.
Health insurance has become a vital part of life in the new millennium, and it's likely going to be that way for decades, perhaps even centuries, to come.