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Everyone gets sick, has wellness checkups, gets their teeth cleaned, their eyes checked which can be an expensive out of pocket cost. What if you get in an accident an cannot work for an extended amount of time? How will you bridge the gap to pay your bills? This is why getting the most appropriate insurance plan is most important or else you could be putting more out-of-pocket than necessary.
Different Kinds of Health Insurance
- Accident Insurance
- Disability Income Insurance
- Medical Expense Insurance
- Accidental Death Insurance
No matter what kind of health insurance you are in the market for there are a few tips to help make your decision.
- Research the company and see what their track record is in paying for claims.
- Of course one of the obvious, the COST
- Understand the difference between a HMO and a PPO
- Truely take the time to understand what is covered and what is NOT covered in the plan.
- See if your physicians are participating doctors or are out of network.
- Deductibles-- typically the higher the deductible, the lower the premium.
PPO vs HMO
HMO (Health Maintenance Organization): These were created to offer lower health care costs to consumers. These are pre-negotiated fees that are determined to help keep costs down. It is a managed care program that requires you to use the doctors and hospitals that are members of the "network". You select a primary physician and then they are responsible for referring to specialist. There are typically low co-payments and no claim forms to fill out to get reimbursement. The down side to this plan is that you MUST use doctors that are in the network. Also it can take some time to get referrals to specialist approved
PPO (Preferred Provider Organization): Networks of doctors, hospitals, and other healthcare providers. You save money by choosing doctors within the network, but care is also provided out ot the network. You do not need a primary care physician, nor do you need referrals when going to see specialists. Typically there is a deductible that needs to be met before the coverage will kick it. Rates are generally higher than with HMO's, but there is more leeway in which doctors are choosen.
Short Term vs Long Term Disability Insurance
Short term usually having a waiting period of up to 14 days and then provide coverage for no longer than 2 years.
Long term usually has a waiting period of several weeks or up to a few months, and coverage can last anywhere from a few years all the way up to the rest of your life.
CANCER FACT -- 1/2 of men and 1/3 of women will get cancer at some time in their lives. Getting health insurance before you are diagnosed with cancer is critical. Once you have cancer it is more than likely too late to get health insurance. Through awareness, information, and education, we can fight lung cancer, leukemia, breast cancer, and more.
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