Health Care Insurance
Health care insurance is a must for everyone and their family. Insurance protects you and your family from high health care costs, especially in the treatment of chronic diseases or when hospitalization is needed. In case you do not subscribe to a health insurance plan, you will have to pay out of your pocket every time you or one of your family members receives health care or visits a physician.[br] This involves a lot of money, especially when the treatment of critical illnesses is concerned. Another reason why you should get health care insurance is to protect your savings and income from taxes.
Health Care Insurance: Ways to Get Insurance
Depending on your age, your financial condition, your salary etc. these are some of the ways you can get a health insurance:
· Most companies in the US provide health insurance plans for their employees. You can become a member of a plan by paying a monthly premium.
· If you are self-employed or work for a small business that does not provide health insurance, you have to buy the insurance on your own.
· If you are 65 or older, or disabled, you qualify for government health insurance plans, such as Medicare or Medicaid.
Health Care Insurance: Employer Health Insurance
You can choose several health insurance options through your employer. In most cases, the plans are in the form of managed care. Typical examples are the Health Maintenance Organization (HMO) and Preferred Provider Organization (PPO). An HMO will only allow you to seek healthcare within the network. On the other hand, a PPO will allow you to seek health care outside the network, but at a price.[br]
There are other health plans you can subscribe to, depending on the services offered and the amount of out-of-pocket costs per year. These costs include a co-pay each time you consult a physician and a yearly deductible that you have to pay at the beginning of each year. In general, a plan that requires you to use a network provider has lower deductibles and lower co-pay. A plan that allows you to use any provider has higher deductibles and higher co-pay.
It is always advisable to seek the services of an insurance professional before signing on the dotted line, if you buy a plan all by yourself. Check factors like costs, coverage, existing health conditions and the amount of tax you can save.