Here's how to choose insurance:
In a clothing store, there are usually dozens of racks of jeans to choose from. As you shop, you'll consider
what kind of jeans you want, along with how much you want to spend. When you find a pair you like, you'll
try it on to see if it fits.
Now imagine each rack is a different insurance company. You can shop in the same way — by comparing
various types of plans, comparing rates, and comparing coverage and benefits. If you shop smart, you can
find the best fit for your health needs.—
Here's where we come in. We make it easy to connect and sort out all the details of a health insurance plan
— and help you with the application process.
Individual Health Insurance
Until recently, most people got their health insurance from their employer. People with low income got their
insurance from the government. But now, more and more people are buying private health insurance plans
tailor-made for individuals.
Choosing your health plan isn't only about getting the right coverage — it's also about finding the right price.
And individual health insurance is actually more affordable than you think. Just compare rates from leading
health insurance carriers to see for yourself.
First, let's learn about individual health insurance
What Kinds of Private Health Plans Can I Choose From?
There are plenty of individual health plans to choose from. Here are the most common types:
- HMOs (Health Maintenance Organization). HMOs are one of the most affordable health plans available —
- and they offer comprehensive coverage. HMOs create networks of doctors, hospitals, clinics, specialists, and
- other care providers. Most HMO networks consist of thousands of health care professionals, ensuring you'll have
- convenient access to medical care when you need it.
- PPOs (Preferred Provider Organization). The PPO is an affordable health plan with an added benefit — you'll
- have coverage with any health care provider. That means you can see any doctor or specialist you want, and your
- plan will cover the care. The PPO is great for flexible, comprehensive, and affordable health care.
- 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 save money to pay for routine medical expenses.
- Fee For Service (FFS) Plans. The FFS plan is the traditional form of health insurance. It works very simply — you get the
- care you need, then you're reimbursed for a percentage of the cost.
Understanding The Cost of Personal Health Insurance Plans
Which health plan costs do you need to know about your individual health insurance plan?
- Your premiums Your premiums are payments you make to keep your plan in effect. Usually, premiums are paid each month.
- Premiums are set by your insurance company based on factors such as health status, age, where you live, and where you work.
- Your deductible The deductible is the dollar amount you'll be responsible for before your plan begins coverage. Most health
- plans let you choose your own deductible, so how do you choose the amount that's best? It might seem like a lower deductible
- would be better. But a low deductible means you'll have to pay higher monthly premiums. It works the other way too
- — the higher your deductible, the lower your month's bills. You'll have to decide if you want lower monthly premiums or lower
- medical bills for your health care.
- Copayments and coinsurance If you have an HMO, you might pay $15 at the doctor's office for a check-up. That's called your
- copayment. You pay a certain dollar amount of the bill and your plan covers the rest. HMOs offer copayments as low as $10, while
- PPOs often charge copayments of $40 or less. Coinsurance is similar to a copayment, except it's expressed as a percentage rather
- than a dollar amount. A coinsurance rate of 80/20 means you'll be responsible for 20% of a medical bill.
Individual vs. Employer-Sponsored Health Coverage
The majority of people have employer-sponsored health insurance. But the number of people with individual coverage is growing.
Today, more than 13 million people have an individual plan.
- Why choose an individual health plan over an employer's plan? Here are the key advantages of individual health insurance:
- Customized coverage. In group coverage, everyone ends up in a one-size-fits-all type of plan. But everyone has different health
- needs. With employer-sponsored coverage you end up paying for coverage you don't need, or may have to go without coverage for
- care you do need.
- Mobile coverage. With an employer's plan, leaving your job means leaving your health insurance. Individual plans protect your
- health wherever your career takes you.
Call me today and let me show you how easy the process can be!