Insuring your health is peace of mind for you and your family. Health Insurance Coverage is vital for people of all ages and we can face events in life that can affect our coverage and eligibility. These events can vary from the birth of a child, diagnosis of a chronic illness, divorce, early retirement, changing jobs or losing benefits altogether from your employer.
[/custom_frame_left]It is imperative to understand how these and other events can affect your eligibility for an Individual Health Insurance plan. Your ability to qualify for a plan is determined by many factors based on your own personal medical history (not your family’s history as is often misconstrued). Recent changes with Federal laws now give additional, yet limited, protection to those who need to buy, change or continue coverage. Understanding these laws can help you make an educated decision on whether or not you would benefit from making a change in your plan.
What most people fail to realize is that Individual Health Insurance Quotes are usually less expensive than any other form of Health Insurance. The most common people that seek and take advantage of Individual/Family Insurance Coverage are those who are self-employed, early retirees, people transitioning employment, spouses and children of those who do not have access to Group Health Insurance. The coverage, in most cases, is very competitive with benefits and pricing.
Choosing a Health Insurance Plan
Choosing a Health Insurance Plan is not as easy as you may think. There are many factors when considering the best plan for you and your loved ones. You have to take into consideration the carriers, benefits, deductibles, co-payments, co-insurance and the most important is your bottom line, cost!
As with most investment purchases, make sure you are well informed about the plans that interest you most. Which type of plan suits you better? Do you want or need Maternity Benefits? Are Brand Names Prescriptions covered? How do you meet your deductible? These are all very important and Frequently Asked Questions. The most common type of health policies are:
- PPO’s (Preferred Provider Organization). We have found over the years that PPO Health Insurance is the most popular for the Individual/Family Health Insurance market. Why? Well for starters it allows you the freedom to choose your own medical providers i.e. Doctors, Hospitals etc. If you want to see a specialist, there is no referral needed, you can just go! Also, you will benefit from the discounted rates that your carrier has pre-negotiated with all of their providers. Lastly, each policy has an annual limit to your financial responsibility regardless of how severe the situation.
- HMO’s (Health Maintenance Organization). HMO’s create networks of doctors, hospitals, clinics, specialists, and other health care providers. These plans traditionally offer comprehensive coverage at a predetermined price or co-pay. Most HMO networks consist of thousands of health care professionals, ensuring you’ll have convenient access to medical care when you need it.
- Health Savings Account (HSA) Plans. There are 2 parts to HSA coverage: a high-deductible plan and a Health Savings Account. The high-deductible plan provides catastrophic coverage and features low monthly premiums. The HSA is a tax-free savings account where you can save money in a Bank Account to pay for medical expenses (except monthly premiums).
- Fee For Service (FFS) Plans. The FFS plan is the traditional form of individual health insurance. It works very simply. You can seek the care you need, then you’re reimbursed for a percentage of the cost by the insurance carrier.
Health Insurance plans are mainly offered by big name companies such as Anthem Blue Cross, Blue Shield of California, Aetna and many more. Each carrier offers multiple plans depending on one’s needs and budget. Whether you are self-employed, small business owner or a stay-at-home parent, Blue Shield has flexible plans that will offer real coverage at a price you can afford. You can select from the different PPO and HMO options to have the peace of mind you need. To compare your options or get Health Insurance Quotes please contact one of our licensed agents who will help you through the process.