Health Insurance List

An individual health insurance cover, simply stated, is an agreement between you and the insurance firm, aimed at protecting you against any financial constraints on account of a medical emergency. The one pertinent question you need to ask yourself is -what are the factors to be analyzed before deciding on an individual health insurance policy?

It is indeed a fact that medical and preventive sciences have made rapid advancements in today’s world. Nonetheless, it would be prudent to arm yourself with the best individual health insurance cover to protect yourself against any unforeseen illness. Indeed, America’s best health insurance companies are vying with one another in putting together some of the most imaginative individual health insurance policies designed to overcome any medical contingency. If you are unemployed, or self-employed, an individual health insurance policy is the right choice.

Consult with your insurance company if you can have your individual health insurance policy incorporated in its group policy. You may be paying a higher rate but the terms would be more advantageous than if you had to buy your own individual health insurance policy. If you are married, find out if your spouse’s employer is willing to include you in its group policy. If you are left with no option, then it is wise to buy an individual health insurance policy. Even though the insurance cover may be limited and the rates high, you would still be ensuring protection for yourself or your family against financial problems if you are suddenly confronted with a serious illness or medical emergency. Search for a good health insurance professional to help you with the best individual health insurance policy that offers you good value for money.

You have plenty of choices while selecting individual health insurance plans – The PPO Plan or the Preferred Provider Organization, the HMO Plan or the Health Maintenance Organization, the HDHP or the High Deductible Health Insurance and HAS or the Health Savings Accounts Qualified High Deductible Plan.

When considering individual health insurance plans a worthwhile option may be a health savings account plan which has few unique benefits. With individual health insurance plans, you can trade lower deductible health insurance for a plan that has a higher deductible. This will help you save money each month by lowering your premium. Besides the lower cost, higher deductible health savings account plan also has the added benefit of a tax favored savings account. Yet another interesting aspect of these individual health insurance plans is that the money you save rolls over year after year.

Even if you are already covered by your employer’s insurance scheme, you may still need to get additional coverage through an individual health insurance plan. This becomes necessary because employer-sponsored programs often fall short of individual needs. Extensive coverage for self and family can be achieved through a separate individual health insurance plan.

Individual health insurance plans are of two types: – Indemnity plans – Managed care plans. Indemnity plans are costlier but best suited for those who have particular health issues and need to be treated by specific doctors. Managed care plans cost less because you will be visiting a doctor or a hospital that is provided under the plan. If the treatment requires you to visit a specialist, you will need special permission from the insurance service provider. This plan is best suited for individuals without specific health problems, and wanting to pay less.

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Actuaries at the Centers for Medicare and Medicaid Services calculate that national health expenditures grew from about 7.0 percent of GDP in 1970 to 15.3 percent in 2003. And, they forecast that medical expenditures will reach 20 percent of GDP by 2015. It’s no longer possible for business, our government, or individuals to ignore these rising costs.

Clearly, something must be done. We baby boomers can remember a time when we never gave health insurance a thought. It just automatically came with employment as a free perk. It’s not that employers were all that much more generous way back then. Just like today, business was driven by profit. But, businesses needed workers, and workers were a scarce commodity at the end of World War II. Health insurance was a cheap benefit. Once one employer started throwing it in they all had to just to stay competitive.

Since that time the cost of health care has skyrocketed. There are two chief reasons for this. First, medical science has advanced greatly over the past 50 years. At the end of World War II there was no open heart surgery. And, only a few decades earlier even diabetes was a death sentence. Countless lives have been saved and the quality of life, for virtually everyone, has been greatly elevated by the enormous advances made in medical science over the past five decades. But, these wonderful advances have come at a cost.

The second reason that health expenditures are nearing 20 percent of the GDP is simply a lack of diligence. Because we have come to view medical expense as “free” we’ve failed to manage the cost of these services adequately. Collectively, we’ve been careless consumers. Our benefits packages and appetites have all contributed to our failure to keep an eye on medical costs. The government has complicated the matter by stepping in with legislation that, in effect, guarantees healthcare for all. And, first class healthcare with the latest technology at that!

So where does this all end? Do we just keep spending until medical expenses consume 25% or even 30% of GDP? That may suit the medical industry. But, it spells financial disaster for the nation. Congress took a major step in the right direction in 2004 when it passed legislation which created a special class of tax deferred savings account – the Health Savings Account or HSA. The goal of this legislation is to put consumers back in control of medical expenses while providing insurance products that would cover high unexpected bills. Health Savings Accounts can only be set up in conjunction with the purchase of a qualified High Deductible Health Plan (HDHP). The HSA HDHP combination is a good way to go for individual and family plan purchasers, especially if you’re overall health is relatively good.

The idea is to purchase a less expensive health insurance plan and then deposit the premium difference in a savings account. The higher deductible insurance plan creates financial incentive to control cost while providing financial relief should a major illness or injury occur. By depositing the premium difference in a Health Savings Account the consumer builds equity which can be used for healthcare costs which aren’t covered under the medical insurance plan.

The beauty of the HSA is that contributions are tax deferred when you put money in, and tax exempt if you use the money for qualified purposes. I repeat: When you use the money you save for qualified medical purposes you never have to pay taxes on the money or on any earnings the money may have accumulated – this is huge! A number of banks have web sites to explain the intricacies of setting up a Health Savings Account. And, your insurance agent can help you select a qualified High Deductible Health Plan.

When comparing health insurance quotes, make sure you are comparing similar plans. Health insurance comes in two basic forms – indemnity plans and managed care plans. Both indemnity and managed care health insurance are further broken down into several different types of health insurance so it is important to take the time and compare health insurance plans to determine what best fits your health care needs.

Indemnity Health Insurance

Indemnity health plans put you in charge of choosing your doctors, hospitals and other health care providers. You pay a set monthly premium and your health insurance pays your medical care, often after you pay a deductible and possibly a percentage of the bill.

A common employer-sponsored form of health insurance is a cafeteria or flexible spending plan. This type of health insurance allows employees to create a benefit package taken from a number of options. You need to contact the employee benefit department at your company for more information on the exact mix of choices available to you.

If you are looking for lower cost health insurance, a “basic and essential” plan may be the best option. Do keep in mind this type of health insurance is limited in what services may be covered so it is important to carefully read the policy so you understand what treatments the plan does cover. Another type of health insurance known as catastrophic health insurance or high-deductible health plans do just what it sounds like they would. The deductible is high, but this type of health insurance protects you against catastrophic illness with a very high total cost.

Health savings accounts are fairly new and an alternative to traditional health insurance. This plan involves putting money into a tax-free savings account to cover your medical expenses.

Managed Care Health Insurance

The two most common types of managed care health insurance are health maintenance organizations (HMOs) and preferred provider organizations (PPOs). HMOs give you access to a group of participating doctors, hospitals and health care providers. HMOs come with fewer out-of-pocket expenses, but visits to the doctor, prescriptions and other services usually come with a co-pay or fee.

PPOs are fee-for-service health insurance and medical services are paid by the insurer on a negotiated and discounted fee schedule. PPOs allow participants to choose medical providers outside the plan’s network, although this can result in higher out-of-pocket costs.

One other type of health insurance is point-of-service (POS) plans. This type of health insurance is similar to indemnity plans, and your primary care physician can refer you outside of the plan without any extra costs to the insured. If you refer yourself outside a POS plan you will be charged a co-pay.

Health insurance, which is coverage for individuals to protect them against medical costs and give them a surity to a secured life in this unsecured world with day to day accidents, enormous infections and diseases which may be highly fatal such as Tuberculosis and other viral infections, Genetic disorders that requires relatively high costs for treatment and diagnosis. It is a wise act to make yourself prepared for such instances by buying a profitable health insurance from us. Unlike other insurance plans , health insurance also should be regarded as an important plan to be taken up for leading a healthy life in this medically advanced world whereby the cost of medication is increasing day by day with the discovery of new therapies and various rapid diagnostic tools.

ABOUT HEALTH INSURANCE:

Health insurance companies offer Health insurance plans as a vital part of your full planning picture. Without it your safety and the safety of your family is jeopardized; most qualified heath care providers will not treat you without health insurance.

As we all know, health care is very costly; a prolonged illness or serious injury can easily bankrupt a family without insurance. Not having it is an endangerment to everything you have. After you have read the basics on this page, you can go to choosing a Health Insurance Plan to understand more about all the choices available for your situation.

CHOOSING A HEALTH PLAN:

Health insurance offers better health plans for you and your family’s health needs. With any health plan, however, there is a basic premium, which is how much you or your employer pays, usually monthly, to buy health insurance coverage. In addition, there are often other payments you must make, which will vary by plan. In considering any plan, you should try to figure out its total cost to you and your family, especially if someone in the family has a chronic or serious health condition. Indemnity and managed care plans differ in their basic approach.

Indemnity and managed care plans differ in their basic approach. Put broadly, the major differences concern choice of providers, out-of-pocket costs for covered services, and how bills are paid. Usually, indemnity plans offer more choice of doctors (including specialists, such as cardiologists and surgeons), hospitals, and other health care providers than managed care plans. Indemnity plans pay their share of the costs of a service only after they receive a bill.

Managed care plans have agreements with certain doctors, hospitals, and health care providers to give a range of services to plan members at reduced cost. In general, you will have less paperwork and lower out-of-pocket costs if you select a managed care type plan and a broader choice of health care providers if you select an indemnity-type plan.

SERVICES OFFERED BY US:

We offer a good match between what plans will satisfy your need and the best coverage, which can benefit you from the health insurance plan. For example, if you are suffering from a chronic disease we offer special plans which encompass all the medication and diagnostic costs. You can’t know in advance what your health care needs for the coming year will be. But you can guess what services you and your family might need. Figure out what the total costs to your family would be for these services under each plan and take up the plan in the most profitable way.

Today there is more health plans to choose according to your convenience and choice. You can make your best choice and satisfy with the best health insurance plans offered by us in the most profitable way.

Morgan Q. Moran asked:

Florida Health Insurance Rate Hike

Florida Health insurance premiums have touched new heights! Every Floridian has the common knowledge that most annual health insurance contracts will endure a rate increase at the end of the year. This trend is not new and should be expected. Every time this issue pops up it seems as though the blame game starts. Floridians blame Health insurance companies; Health insurance companies blame Hospitals, Doctors and other medical care providers, Medical care providers blame inflation and politicians, well, we really don’t know what they do to help the issue… No one seems to be interested in finding the real cause of the health insurance premium rate increase. Most individuals, self employed, and small business owners have taken Florida Health Insurance Rate Hikes as the inevitable evil.

Hard Facts

What are various reports telling us? Why do Health insurance premium have annual rate increases?

Rate of inflation and heath insurance premium rate increase.

America’s health expenditure in the year 2004 has increased dramatically, it has increased more than three time the inflation rate. In this year the inflation rate was around 2.5% while the national health expenses were around 7.9%. The employer health insurance or group health insurance premium had increased approximately 7.8% in the year 2006, which is almost double the rate of inflation. In short, last year in 2006, the annual premiums of group health plan sponsored by an employer was around $4,250 for a single premium plan, while the average family premium was around $ 11,250 per year. This indicates that in the year 2006 the employer sponsored health insurance premium increased 7.7 percent. Taking the biggest hit were small businesses that had 0-24 employees. There health insurance premiums increased by nearly 10.4%

Employees are also not spared, in the year 2006 the employee also had to pay around $ 3,000 more in their contribution to employer’s sponsored health insurance plan in comparison to the previous year, 2005. Rate hikes have been in existence since the “Florida Health Insurance” plan started. In covering an entire family of four, a person will experience an increase in premium rate at every annual renewal. If they would have kept the record of their health insurance premium payments they will find that they are now paying around $ 1,100 more than they paid in the year 2000 for the same coverage and with the same company. The same item was found by the Health Research Educational Trust and the Kaiser Family Foundation in their survey report of the year 2000. They found out that the premiums of health insurance that is sponsored by the employer increases by around 4 times than the employee’s salary. This report also stated that since 2000 the contribution of employees in group health insurance sponsored by employer was increased by more than 143 percent.

One business man predicts that if nothing is done and the Health insurance premiums keep increasing that in the year 2008, the amount of health premium contribution to employer will surpass their profit. Professionals within and outside the field of Florida health insurance, think that the reason for increase in Florida health insurance premium rates are due to many factors, such as high administration expenditure, inflation, poor or bad management, increase in the cost of medical care, waste etc.

Florida health insurance rate hikes affect whom?

Rising rates of Florida health insurance generally affects most of the Floridians who live in our beautiful state. The highest affected individudals are the minimum wage and low wage workers. Recent drops in the renewal of health insurance are mostly from this low income group. They just can’t afford the high premiums of Florida health insurance. They are in the situation where they can not afford the medical care and they can not afford the medical insurance premiums that are assosiated with adequate coverage. Almost half of all Americans are of the opinion that they are more worried about the high health insurance rate and high cost of health care, over any other bill they have on a monthly basis. A survey also finds that around 42% of Americans can not afford the high cost of health care services. There is one very interesting study conducted by Harvard University researchers. They found out that 68% of people who filed bankruptcy covered themselves and their family by health insurance. Average out-of-pocket deductibles for people filed bankruptcy were around $ 12,000 per year. They also found some co-relation between medical expenditure and bankruptcy. A national survey also reports that main reason for people not to take health insurance is the high premium rate of health insurance.

How to reduce Florida’s high health insurance cost? Nobody knows for sure. There are different opinions and experts are not agreeing with each other. Health professionals believe that if we can raise the number of healthy people by improving the lifestyle and regular exercise, good diets etc. than naturally they will need less medical care services which decreases the demands of health care and hence the cost.( This year in Florida the smoking rate has increased by 21.7 percent) One Floridian sarcastically suggested that there are ‘highs’ and ‘lows’ in health care that are needed to reversed. That the state of Florida is to ‘high’ in cost of medical care compare to other States and ‘low’ in the quality of health care.

Florida Health insurance rate hike has attracted many frauds. These frauds float many bogus insurance companies and offer cheap health insurance rate which attract many people to them. These companies usually through assosiations that are based in other states.

Meanwhile reputable Florida health insurance companies provide different types of health insurance like employer sponsored group health insurance, small business health insurance, individual health insurance etc. to vast number of employees and their families. Still there are many people in Florida that lack any health coverage. Today the employer also has found it challenging to decide how to offer employer sponsored group health insurance to their employees, so that both of them arrive at some point of agreement.

For Floridians it is very important to shop around for a quality health insurance program that doesn’t break the bank.

You need to find an agent or web portal like Florida Health Insurance Web, www.FloridaHealthInsuranceWeb.com that offers a variety of products. There you will most likely be able to get quotes, compare plans, and apply online.

Florida Health Insurance Consultants can help you!

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Vikram Kumar asked:

In a very real sense, the world right now is highly technological and progressive, both socially and physically. Socially, we now have cellular phones and Internet connections, which we can use to communicate with any part of the entire world.  Physically however, the world is quite polluted.  As the pace of our lives progresses, we need to be ready for what the future might bring.

Along with the technological developments which most people are cashing on in these days, we see a rapid growth in health insurance companies. This growth displays a real effect in the lives of people. Is the world really in such a bad state that these health insurance companies are taking the leap in aiding the health insurance plans of their competitions today?

If we examine the world in the real sense, there are many diseases that only became prevalent in the fairly recent past. Most of these diseases are curable, but some are not. AIDS, HIV, HERPES, etc., are some of these. It’s a good thing to invest in health insurance plans that will help us in our health needs.

As far as necessities go, acquiring a health insurance plan is a way of administering to our future needs. We do not know what will happen tomorrow, so if we invest in a  health insurance plan now, then we can be prepared for any future health emergency. Life in that sense would be easier. Given the way the world is  today, it is a necessity to have adequate health insurance plans.

Health insurance companies offer a variety of health insurance plans. Consumers need to study the companies’ policies before making a final choice. Every health insurance company has health insurance policies. These companies offers health care, dental, pharmacy, disability, long-term, group life, short-term, student, behavioral, etc.

Practically speaking, a person may benefit from health insurance plans through the aid of health insurance companies. These companies are within reach and are very much willing to administer to our health needs. A person may choose  which company would fit him best, depending on his financial status and physical condition. There are certain factors that may affect the premium such as age, general health, habits, and insurance cost. These factors are general. There are certain companies which offer a low premium and also offer saving tips on such transactions to aid to the consumer.

When talking about benefits, investing in health insurance plans are really beneficial. If we do not have any health insurance plan, then we have to pay for everything ourselves. Most of the time, we do not believe how much we are supposed to pay, and we are just shocked with the high amount. If we have health insurance plans then we need not worry about it, because the health insurance company pays much of the bill. It will be a big help on our part, in that, our burdens for potential emergencies has been lessened. The benefits are long term. That’s why, if we will not be slack about choosing health insurance, then we will reap the benefits. Furthermore, we have to be very wise concerning it. We have to be responsible.

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Jeff Gulleson asked:

It is human nature to try to get out of sticky situations by blaming other people for our problems.

Two genuine (and genuinely funny!) excerpts from insurance claims illustrate this point.

When asked how their accidents occurred, one responded, “A cow wandered into my car. I was afterwards informed that the cow was half-witted.”  Another claimant said, “The other car collided with mine, without giving any warning of its intentions.”

When it comes to high insurance rates, it is easy to blame insurance companies. Nevertheless, there are things you can do to lower health insurance rates.  I will mention two of them below.

First, split policies.

We generally like to have the whole family – parents and children — on the same health insurance policy. But sometimes you can save a lot of money by splitting the family up and putting different members on different policies. For example: A couple in their thirties with two children ages 10 and 12 would pay a monthly premium of $363 on a policy that offered maternity. By putting the father and two kids on a non-maternity plan and leaving the mother on a maternity plan, the total monthly premium would drop to $231. This would give a monthly saving of $132. There are variables involved here, e.g., deductibles and total coverage. And of course you will need insurance cards from two different companies. But the inconvenience would mean $132 extra every month in your pocket. That will add up to $1,584 in a year. That is a significant saving.

Second, choose a high deductible.

More and more, people are looking for a high deductible. That simply means the amount of money the client pays before the insurance starts to cover medical costs. Many people used to ask for a $100 or $250 deductible. We are advising clients to consider a $1,000 deductible. That sounds unreasonably high to many people. Yet the premium savings are so significant that generally the money saved in one year from lower premiums (the higher the deductible the lower the premiums) will more than make up for the higher deductible if a person had to use insurance for hospitalization.

Let us look at this illustration:

If a person goes from a $250 deductible to $1000 deductible, he can save $413 a year. If he does not have any major medical costs in two years, he will save $826, which is nearly enough to pay the $1000 deductible his third year on the plan. During my career overseas I was in the hospital one time in 30 years with Hepatitis. Thus with a deductible of $1000, I would have saved $12,390 over those 30 years. Similar savings would also be available for other members of the family.

Third, shop around for medical insurance by using the services of an insurance broker.

Health insurance brokers represent multiple insurance companies.  By using their services you can explore various health plans, saving yourself both time and money.

In this economy, many people have lost their jobs or are in fear of losing them. Retirement savings are down and no one seems to know when the economy will turn around. In times like these we must pay close attention to how every dollar is spent. If you’ve lost your health insurance or otherwise need to get health insurance, it’s more important than ever to get the coverage you need to protect your family’s finances without paying for coverage you don’t need.

PPO, HMO, HSA…with so many health insurance plans to choose from, how do you know which health plan is right for you? With hundreds of health plans available it can be difficult to decide which health plan is best for you and your family.

The following guidelines are provided by Jeff Breazile, owner of Benefit Studio Health Insurance Services (http://www.benefitstudio.com), a California based independent insurance agency.

To help narrow down the many choices available and find the right plan for you and your budget, it’s important to compare premium quotes from different health plans. But what benefits do you get for your monthly premium? Look beyond just the quoted premium of a health plan and consider what benefits in a health insurance plan are most important to you.

Focusing on the benefits you need most is the first step in finding a Califorrnia health insurance plan that not only offers the protection you need, but is affordable as well. The health plan with the lowest premium may not give you the financial protection you need if you get sick, have an accident or otherwise need to seek medical attention. A comprehensive health plan that covers a wide range of services and benefits may cost more in premium, but could actually save you money over a basic or “catastrophic” plan on the other end of the spectrum where you would pay a much larger share of the costs when you receive medical care.

Here are some tips to help you narrow down the list of health insurance plans when deciding which plan will be the best fit. Start by deciding which type of benefits are most important to you. What benefits have you used most in the past? How much of the medical expenses could you reasonably pay yourself if you have a major medical event? Use the following list to focus on the most important benefits. Then you can compare the plans with the benefits that best fit your needs.

PPO or HMO plan maternity benefits deductible amount copayment (copay) coinsurance amount out of pocket maximum prescription drug coverage (generic + brand name benefits or generic-only) preventive care services health savings account (HSA) compatible health plan

PPO – Is it important to you that your plan offer a large network of participating doctors and hospitals? Do you want to be able to see a specialist without having to obtain a referral from your primary doctor? Preferred Provider Plans (PPO) offer the largest networks of participating doctors and hospitals. With a PPO you also have the option of getting medical care outside of your PPO network, although you will usually pay more if you receive care from a provider that is not in your network.

HMO – Another option is a Health Maintenance Organization (HMO). Although not as popular as PPO health plans, many people prefer them due to their simplicity. You can obtain most services for a low copayment and usually no coinsurance requirement. The tradeoff with an HMO is you must stay in network to receive covered medical services. HMO networks are normally smaller than PPO networks and generally a referral is required from your primary care doctor to see a specialist.

Maternity Benefits – While the cost of health insurance plans vary widely, and it’s important to choose a health plan that has the benefits you need, you may be able to save money by choosing a plan without certain benefits. If maternity benefits are not important to you, look for a health plan without maternity benefits. This alone could save you hundreds of dollars annually on your health insurance plan.

Deductible Amount – Except for services where you are only responsible for a copayment, the deductible is the amount you pay before the insurance plan pays anything. If you’re willing to pay more of the upfront costs when you need medical care, choosing a higher deductible can help keep your insurance premiums lower.

Copayment (Copay) – The copay is a flat fee you pay at the time of service. After paying the copayment, the plan usually pays 100 percent of the balance of covered services. Some California health insurance plans allow you to visit the doctor’s office for a low copay without having to meet your annual insurance deductible.

Coinsurance – In addition to the deductible, when comparing health insurance plans, pay attention to what coinsurance amount you will be responsible for after your deductible is met. Coinsurance is the percentage of the charges you are responsible to pay for covered medical services apart from any copays or your deductible.

Out of Pocket Maximum – The out of pocket maximum is the maximum amount per year you’ll have to pay for covered medical services. After reaching your out of pocket maximum, your health insurance plan pays for any additional covered medical expenses up to the plan’s lifetime benefit amount.

Prescription Drug Coverage – When it comes to prescription drug coverage, some health insurance plans keep the premiums lower by covering only generic prescription drugs. Keep in mind that while there are many generic prescription drugs available, not every prescription drug is available in generic form.

Preventive Care Services – In order to encourage healthy lifestyle habits and thereby reduce future medical expenses, many California health insurance plans offer low or no copayments or other financial incentives for preventive care services such as physical exams, immunizations, annual gynecological exams, mammograms, prostate exams and cancer screenings.

Health Savings Account (HSA) – Are you interested in a health plan that will help you save money on your tax bill? Consider a Health Savings Account (HSA) compatible health plan. A Health Savings Account (HSA) combines high deductible health insurance with a tax-advantaged medical savings account. Withdrawals that are used to pay for qualified medical expenses, including your insurance deductible, coinsurance and co-payments are federally tax-free.

By focusing on these nine plan benefits when shopping for California health insurance, you’ll find a plan that fits your healthcare needs and your pocketbook.

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Kevin Kielty asked:

If you have lost your job and need to find affordable health insurance coverage for yourself and your family, there are many options available. The first step is to learn what the different plans have to offer and how they differ.

What COBRA has to Offer

If you have just lost your job, the first thing you will need to do is to check into COBRA. COBRA allows you to continue on your employer’s health insurance plan for up to 18 months after loosing your job. If you have a pre-existing condition, COBRA can be a good option, however it can be expensive because your employer will no longer be paying a portion of the cost. You will have to pay the entire amount yourself.

If COBRA does not look like a good option for your family, there are a number of other types of insurance plans available. You will need to do some research and become familiar with some of the terms and what they mean before you can make a wise decision about which plan to choose.

Types of Insurance

There are basically 2 types of health insurance. One is fee-for-service which, is the traditional type of health insurance in which you can choose any doctor or hospital you wish. The amount of choices you get with a fee-for-service plan is a plus, but the cost of this type of insurance can be quite high. Alternatives to a fee-for-service plans are managed-care plans and Health Savings Accounts.

Managed care plans include Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs) and Point-of-Service Plans (POS).

Under a Health Maintenance Organization or HMO, you choose a primary doctor who participates in the plan’s network and then all of your care is directed by that physician. If any test or visits to a specialist are required, that primary care physician must issue a referral and the specialist must be a part of that HMO’s network. HMO’s have the buying power of a large organization so you can often get your medical services for less and they are also focused on keeping costs down. Therefore, an HMO can be a less expensive option for health insurance. However, if you see a physician out-of-network or have any procedures done without prior approval, it can be expensive.

With a Preferred Provider Organization or PPO plan, there is also a list of participating doctors and hospitals, however you have the freedom to see any doctor who is part of the plan’s network. You do not have to designate a primary care physician. If you wish to be able to see health care providers outside the plan’s network, you will have to pay a higher coinsurance rate.

A Point-of-Service Plan or a POS has some similarities to an HMO and a traditional health insurance plan. With a POS, if you choose your primary doctor from within the plan’s network of physicians, then your costs will stay low. However, if you choose to go outside of the network, your costs will be much higher. The advantage of a POS health insurance plan is that you get the cost savings of an HMO but you still have the freedom to see physicians outside the network as well.

A Health Savings Account

Another option for saving on your health insurance coverage is to open a Health Savings Account or an HSA. An HSA is a savings account for people who have a high deductible health insurance plan. Money is deposited into a special HSA account where it earns interest that is tax-free and the money is not taxed when it is used for qualified medical expenses. HSAs will also have a network of health care providers and your cost will be lower if you choose to stay within the network. As with the POS, you do have the option to go outside the network but at a higher cost to you.

If you have lost your job and find yourself in need of affordable health insurance, the first step is to look into COBRA to see if it is the best option. If it is not, then the next step is to research the managed care options as well as a health care savings account. After you learn about the different plans and how they work, you will be able to make the best choice for meeting your family’s health insurance needs.

Jackie S asked:

We used to have individual health insurance, and I would pay for it out of my own company (an S Corp). When we got insurance through my husband’s employer, I stopped reimbursing myself.
He is paid for by the company, and then it costs extra to add myself and our child.

I was just going to deduct health insurance premiums on our Sch A, but we don’t have enough other medical expenses to meet the limit.

Is it ligit to go ahead and reimburse myself the amount that it cost for the health insurance? Then it would be a business expense. Thanks.

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