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Buying Health Insurance Policies
Posted On Tuesday, May 25th, 2010 By marksbury
In todays market health insurance has become a very heated debate in Washington with Obama’s new health plan reform that goes into effect in the year 2011. Democrats are hoping to keep hold of there power on it but it is likely that republicans will take over congress and the white house and try to repeal the bill totally or partially, its hard to say what is going to happen.
But never the less you still need a good health insurance policy to protect yourself and your family from the risks of becoming sick or being injured. You would need some sort of protection to pay for your bills or face potentially huge hospitalization and doctor bills. Threre are many types of health insurance out there such as Major medical, Catastrophic Plans and Medicare Supplements and Guaranteed issue health insurance products.
Major medical insurance is what most people seek but it is generally it is the most expensive of plans and not many individuals can afford it on their own. Most major medical plans are purchased by employers for employees in which the employees pay a small premium every pay period. They generally have large deductibles and the insured has little or no control over the benefits of the plan. They generally cover doctor visits, hospitalization, maternity and prescription drugs.
Catastrophic plans are probably the most popular among working families that have to buy their own health coverage. They aren’t as comprehensive as a major medical plan but the money savings are well worth it. Most aspects of a major medical plan are never used by most people. Catastrophic or hospitalizations plans cover a lot of what a major medical plan does but you have control over deductibles, riders, features so you can make the plan to how much premium you can afford. Most of these plans cut out or reduce features of major medical that are rarely used in most peoples life times.
Medicare Supplements Insurance Plans or Medicare Advantage Plans also known as medigap policies are designed to pay what the government run medicare insurance system does not. The plans are generally listed from Plan A to Plan N in which they all have pre set benefits set up by the medicare system (CMS). All of the plans are Identical from carrier to carrier but the rates are not, so you need to do a little shopping around to ensure that you get the best policy premium. The most popular plan is probably Plan F because it covers most of the benefits at a reasonable rate however Plan J is quickly becoming more popular as of late for its additional benefits preventative care and the at home recovery benefits.
Guaranteed Issue Insurance Plans are for those who have a illness such as diabetes or cancer in which they cannot obtain traditional coverage. most of these plans are a indemity benefit plan in which for each doctor visit, x ray or surgery you are given that benefit amount whatever it is. for example if your benefit is $100.00 for a doctor visit, and the visit actually only cost $80.00 then you will be able to keep the other $20.00. In most cases a check is simply sent to you when you put in a claim and you proceed to pay your bills however you like.
With all heath insurance plans you will always have to pay increases every two or three years and depending on the carrier some of these increases can be very significant. So be sure keep be aware of when your rate lock expires and be ready to shop around if your premium skyrockets on you. Other things you can do to keep your rates low are to reduce your weight and stay physically fit and do not smoke. Overweight and smokers pay a whole lot more premium than other people due to their increased risk of health problems.
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