What is Health Insurance?
An individual or family health insurance plan covers one person, or a family, on one plan.
While an individual or family health insurance policy may not offer the broad coverages of a group policy it is better than not having health insurance coverage at all. An unexpected illness or serious injury can ruin a family financially if they do not have some basic coverage.
Most insurance companies offer the same types of managed healthcare plans to individuals that are offered to groups: HMO’s (Healthcare Maintenance Organizations), PPO’s (Preferred Provider Organizations) and POS’s (Point of Service Plan), and generally offer different levels of deductible to keep premiums within budget. Each person or family must determine what coverage, premium, deductible and out of pocket expense will best suit their needs and their family budget.
Unlike group insurance that is available to large groups of people regardless of health status, most individual or family policies require a medical history and sometimes a physical exam to determine price or eligibility.
We are here to assist you in finding a plan that protects your family while staying within your budget. Please contact us today to help evaluate your health insurance options.
What kinds of health insurance are there?
There are essentially two kinds of heath insurance: Fee-for-Service and Managed Care. Although these plans differ, they both cover an array of medical, surgical and hospital expenses. Most can also cover prescription drugs and some also offer dental coverage.
1. Fee-for-Service
These plans generally assume that the medical professional will be paid a fee for each service provided to the patient. Patients are seen by a doctor of their choice and the claim is filed by either the medical provider or the patient.
2. Managed Care
More than half of all Americans have some kind of managed-care plan. Various plans work differently and can include: health maintenance organizations (HM0s), preferred provider organizations (PPOs) and point-of-service (POS) plans. These plans provide comprehensive health services to their members and offer financial incentives to patients who use the providers in the plan.
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