All You Need to Know About Health Insurance
Let's face it--in today's world, health insurance is a necessity. With medical expenses soaring higher than a hang glider, paying for them could have you digging deep into the pockets of your jeans. What types of health insurance are available?
Health insurance plans generally fall into one of two categories: indemnity plans (also known as reimbursement plans) and managed care plans such as health maintenance organizations (HMOs), preferred provider organizations (PPOs), and point of service (POS) plans.- An indemnity plan allows you to choose your own doctors and pays for your medical expenses--totally, in part, or up to a specified amount per day for a specified number of days.
- Managed care plans generally provide broader coverage, but they all involve an arrangement between the insurer and a selected network of health-care providers (doctors, hospitals, etc.). For example, an HMO will require that a primary care physician in the network coordinate all of your care and refer you to specialists in the network.
No matter which type of health insurance you buy, you'll need to make sure it offers the right kinds of coverage.
What should be covered?
A good health insurance policy contains several types of coverage.Hospital expense insurance pays your room, board, and incidental services costs if you're hospitalized.Surgical expense insurance covers surgeons' fees and related costs associated with surgery.Physicians' expense insurance pays for visits to a doctor's office or for a doctor's hospital visits.Major medical insurance offers extremely broad coverage with a very high maximum benefit that's designed to protect you against losses from catastrophic illness or injury.
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