Which Health Insurance is Best For You?
If you need to purchase health insurance, you can find a lot of different types of plans. It is important to figure out which major medical plan will be the best for you. A plan that works with your own family's needs, budget, desires can provide security. A plan that does not fit in with your own lifestyle can leave your worried.
Major Medical Insurance Plan Types
PPO (Preferred Provider Organization) - This is probably the most popular type on the market. You have a list of preferred medical providers that is provided by your insurer. If you use these providers, you get the highest level of coverage. But you can still be covered if you go outside the network.
HMO (Health Maintenance Organization) - This is more restrictive than a PPO. You must stick to the insurer's provider list o be covered. However, if you live in an area with a big network, you may be very satisfied as the coverage is usually very strong.
Understand that the network restrictions of HMO and PPO health insurance may be relaxed sometimes. They may have a written exception for emergency or urgent care. They may also make an exception, with prior approval, for use of a non-network medical provider when there is no provider of that type in the network. Please take the time to understand how any policy will handle these special cases in advance.
HSA (Health Savings Account) with a High Deductible Major Medical Plan - This type of coverage is getting more popular with people who want more control over their health expenses. You are allows to make pre-tax contributions, within IRS limits, to a savings account. This account may even pay interest and come with a debit card you can use at the doctor's office!
Any unused HSA funds roll over to the next year. And you can cash out your account at retirement age. So this is a good way to combine health insurance with retirement savings.
Just keep in mind that some people are not happy with HSA plans because they do not ever fund their account. If you do have medical expenses that you need to pay, and have no cash in your account, that money will have to come from another source.
Nobody can make a general statement about medical plans. There is not one right plan for everybody. Your own choice will depend upon many factors, including your needs, budget, and the way you like to plan. - 29970
If you need to purchase health insurance, you can find a lot of different types of plans. It is important to figure out which major medical plan will be the best for you. A plan that works with your own family's needs, budget, desires can provide security. A plan that does not fit in with your own lifestyle can leave your worried.
Major Medical Insurance Plan Types
PPO (Preferred Provider Organization) - This is probably the most popular type on the market. You have a list of preferred medical providers that is provided by your insurer. If you use these providers, you get the highest level of coverage. But you can still be covered if you go outside the network.
HMO (Health Maintenance Organization) - This is more restrictive than a PPO. You must stick to the insurer's provider list o be covered. However, if you live in an area with a big network, you may be very satisfied as the coverage is usually very strong.
Understand that the network restrictions of HMO and PPO health insurance may be relaxed sometimes. They may have a written exception for emergency or urgent care. They may also make an exception, with prior approval, for use of a non-network medical provider when there is no provider of that type in the network. Please take the time to understand how any policy will handle these special cases in advance.
HSA (Health Savings Account) with a High Deductible Major Medical Plan - This type of coverage is getting more popular with people who want more control over their health expenses. You are allows to make pre-tax contributions, within IRS limits, to a savings account. This account may even pay interest and come with a debit card you can use at the doctor's office!
Any unused HSA funds roll over to the next year. And you can cash out your account at retirement age. So this is a good way to combine health insurance with retirement savings.
Just keep in mind that some people are not happy with HSA plans because they do not ever fund their account. If you do have medical expenses that you need to pay, and have no cash in your account, that money will have to come from another source.
Nobody can make a general statement about medical plans. There is not one right plan for everybody. Your own choice will depend upon many factors, including your needs, budget, and the way you like to plan. - 29970
