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Health
Insurance FAQ's
From Top Rated Health Insurance Companies
What
are the different types of health insurance plans available?
Generally, there
are HMO's, PPO's, MSA's, and POS plans. The HMO (Health
Maintenance Organization) and PPO (Preferred Provider
Organization) plans are both forms of managed care plans that
allow you to visit the physicians within the plan's network.
An MSA (Medical Savings Account) allows individuals to
contribute money to their Medical Savings Account on a pre-tax
basis. The money can then be used to pay future copayments and
deductibles. POS (Point of Service) plans are a hybrid version
of HMO's and PPO's which give you flexibility in your
decisions about what physicians you would like to visit. Different health insurance companies offer additional options
or variations of the plans described above. Be sure to consult
your insurance agent about which type of plan may be best for
your family.
What
is a deductible?
The deductible is the portion of a medical
expense that a plan member must pay before your medical
insurance plan will begin to cover any medical expenses. If
your plan deductible is $1,000 then you will pay for the first
$1,000 of your medical expenses before your plan will begin
paying for covered medical expenses. The amount of your chosen
deductible can have an effect on your health insurance
premiums.
What
is a copayment?
A copayment is a set dollar amount or
percentage that the plan member will pay for each doctor visit
or service. A common copayment percentage is 80/20. This means
that the insurance company will pay 80% of covered medical
expenses, while you will only pay 20%. Copayment percentages
can also effect the insurance premium the plan member is
charged.
Things
to consider when choosing a health insurance plan:
-
What is the monthly
or annual cost of the plan?
-
Is there a
deductible that must be met before the plan begins to
cover my medical expenses?
-
After the
deductible is met what portion of medical expenses will
the plan cover?
-
What kinds of
doctors are part of the plan, and where are the medical
facilities located?
-
Are their limits on
the amount of coverage the plan will offer under certain
medical conditions?
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