Weighing Health Insurance Options


Hold the talk about future healthcare.

What are your options now?

 There are so many different types of plans and varying types of coverage, that it can make selecting healthcare insurance difficult.It’s hard to pick up a newspaper or turn on the TV without seeing something about the healthcare reform debate taking place in Washington, D.C. But what if you’re looking for health insurance now? There are so many different types of plans and varying types of coverage, that it can make selecting healthcare insurance difficult. One thing that offers no debate is that with the soaring costs of healthcare, health insurance is the best way to be prepared if you or a family member should require medical attention.

Employer Sponsored Health Insurance

Generally, Employer Sponsored Health Insurance is one of the most affordable and convenient ways to get the healthcare coverage you need. Your employer is able to take advantage of cost savings due to the number of people covered through their group insurance. The company usually pays a portion of the fee associated with your coverage and you pay a portion as well. While many people are able to obtain coverage through their employer, there are times when alternative types of coverage are more beneficial.

Individual Health Insurance.

If you are between jobs, in a temporary position or your company simply doesn’t offer health insurance, you may want to look into Individual Health Insurance. It is important to remember that premiums will be higher than with a group policy, but it is almost always cheaper than having to cover the cost of an emergency room visit or hospital stay. For example, cataract surgery will run you $7,038, and doesn’t include follow-up visits, medication, anesthesia and more.

Family Health Insurance

If you are ineligible to participate in Employer Sponsored Health Insurance, a comprehensive family insurance plan may be one of the best ways to protect your family. Make no mistake, family plans can be expensive; however, when you take a look at the cost of routine doctor’s exams — lab tests, surgical procedures, etc., — there’s no question that insurance coverage is one of the best ways to cover your family’s medical expenses.

There are two common types of family plans.

Managed Care Plans — Most providers (HMOs, PPOs and POSs) submit claims to the insurance company for payment. These providers have agreed to perform medical services at pre-negotiated rates.

Indemnity plans — usually pay a share of covered services once a bill is submitted. They also offer a larger selection of providers than managed care plans.

When choosing a family care plan, take a careful look at the providers in your area to make sure that the plan you select closely matches the needs of your family.

Small Business Health Insurance

Insurance Types Required for Business Owners with Employees

With a small business group health insurance plan, you can provide coverage for yourself and your employees at discounted prices. This can help you, the small business owner, retain employees; this benefits shows that you consider them an important part of your business.   Although it varies by state, the percentage an employer pays generally ranges from 25 to 50 percent of the individual’s premium. The employer can also opt to pay a percentage of the cost to cover an employee’s spouse or dependents. It’s a good idea to customize a plan to meet the needs of your business based on size and budget.

COBRA

COBRA stands for the Consolidated Omnibus Budget Reconciliation Act, a federally protected law created to provide temporary access to employer sponsored health insurance when your job has been terminated. For many people in this situation, COBRA is a good option. An individual must qualify for COBRA. Some qualifying situations include:

  • Reduction of hours
  • Termination
  • Divorce
  • Loss of “dependent” status

Although COBRA offers a wide variety of coverage options, it is also wise to research individual or short term insurance plans to make sure that you are getting the best coverage for your money.

Do Your Homework

There are many other specific areas of insurance coverage and a variety of comprehensive plans. Be sure to do some research to ensure that the health insurance plan you select is the perfect one to meet your circumstances.

 

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