Understanding Health Insurance
Affordable health insurance are provided by various companies
There are many companies that provide health insurance. There are various types of health insurance plans. To find affordable health insurance, it’s important to study the plans of the insurance companies. A single plan won’t cover all the expenses but some health insurance plans will cover more than others. You can easily get an affordable health insurance quote from the health insurance companies on the internet too.
Types of affordable health insurance plans available
It’s important to understand the types of plans that are offered by the health insurance companies. These are
Fee for service – with this type of plan, you can visit any medical provider for a number of health related reasons. Usually the insurance company will pay only 80% of the amount. Normally 20% of the amount has to be paid by patient. This is an expensive form of health insurance and is also known as coinsurance.
Health Maintenance Organizations - This type of plan is an affordable health insurance plan. You will normally receive many services for a set fee. The plan allows you to choose a primary physician from a given list. This physician would then refer you for all specialist services in a network. The insurance company won’t pay if you go out of the network except in the case of emergencies.
It’s important to choose well, since the payment for benefits will be dependent on the affordable health insurance plan that you take.
Terminology used in the plans
Ensure that you are getting maximum coverage for all treatments and emergencies. All plans will have some exclusion, but some affordable health insurance plans may have less exclusion than others.
As a user of the plans, you would be paying a certain amount while the rest would be paid by the affordable health insurance plans. This means that every time you visit the doctor or a specialist you would pay $5 and the rest of the amount would be paid by the insurance company.
It’s the fee that you pay for the affordable health insurance plan. This is the amount that is required to be paid by you after the deductibles. Normally it’s expressed as a percentage like 20%. While the rest of the bill amount is paid by the insurance company.
Health Savings Account
A new concept that is been used is the Health Savings Account (HSA). Just like the IRA, an HAS can be used to deposit money. Its tax deductible and is gaining popularity. You can use the account to fund for your medical bills. When not in use, account accrues tax free interest to meet future expenses.