Health Insurance IconThey say that health is wealth, and as people grow older, diseases become a natural part of life and are one of those things that are inevitable. That is when the saying is proven to be true. And since health is really important, this is the time when health insurance comes in and does its job. Of course, nobody would like to foresee himself getting sick or ill in the future, but nobody really knows what will happen to whom. Such is the very essence of health insurance, to make people feel assured and safe that whatever unfortunate happens to them in the future, they are already insured. Knowing that you will be getting proper medication without having to scour for money from any corner possible makes all the significant difference.

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The Basics of Health Insurance

People may have heard the term health insurance but never really fully understood what it is all about, how it works, and what it does for its health partners. So, basically, as what the name suggests, your health is insured of proper and responsible medication when you get sick, figure in an accident, become disabled, dismembered, or even when you die accidentally. “Accidentally” means that you did not purposely kill yourself just so you could get the money and your family gets to have it. You would be paying a premium to the insurance company that you are a member of, and it may be monthly or quarterly, depending on the type of health insurance that you choose, and depending on the finance structure the insurer implements. Health insurance companies may be owned by the government, public corporations and organizations, or non-profit agencies.

One thing that people should remember when applying or getting health insurance coverage is the credibility of the insurance company. There have been many instances of deceit and scam, like people ending up untreated with their illness because their insurance company says that such kind of disease isn’t covered in the policy, or that all of a sudden, the insurance company just vanishes out of thin air. So, when looking for a company that you would entrust your health to, do background checks first on the internet, and once you have done this and have determined the best insurance company for you, this would be the time that you will consider the type of health insurance that you would apply for. Choose one which is suited for your budget and need, the coverage of the insurance, and the proceeds of your health insurance. Make sure to scrutinize each factor one by one so that you could get what is the best for you.

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Types of Health Insurance

There are 4 types of health insurance and they come in four levels, bronze, silver, gold, and platinum. Bronze has the least coverage while platinum has the widest and highest coverage among the four. The four types are Health Maintenance Organization or HMO, Preferred Provider Organization or PPO and Point-of-Service Plans or POS, High Deductible Health Plan or HDHP, and Catastrophic Health Insurance Plan. As a potential health insurance member, you should know how one differs from the rest so that you could fully identify which type you need, and would apply and acquire.

HMOs offers more preventive care package and requires lesser paperwork unlike the other types. You also pay a premium and pays for each type of care, and there are no deductibles. However, in HMOs, you have limited freedom in choosing the health care provider and the doctors that you can consult. The only doctors you could see are those that are in the network, otherwise you have to pay the bills yourself.

PPOs offer more moderate freedom and liberty to choose your health care provider, and you have the ability to manage your own health care. However, PPOs require more paperwork and you have higher out of-pocket costs than HMOs. You are to consult doctors within the PPO network but you could also see doctors out of the network. However, you would have to spend for it. You will pay a premium; there are also deductibles and co pays for the other insurance types, and you have to pay the doctor’s excess fees if his charge is higher on the area that you belong to.

HDHPs have lower premiums to pay, but have higher deductibles. However, if you have a health savings account or health reimbursement arrangement with your insurer, then you could use it to pay for the out of pocket costs that you incur. The Catastrophic Health Insurance Plan covers the most essential health benefits, but you have to pay for higher deductibles. This kind of plan covers only serious illness or sudden serious accidents, and does not provide the coverage for medications.

Now that you have a basic overview of the essential things that you need to know about health insurance, it is time to get yourself insured. Be wise in choosing your plan.

Click here to get a free online quote for health insurance or contact us with any questions by clicking here or calling.