Understanding Health Insurance
When getting health insurance quotes, it's important to understand the different coverage types that are available to you. There is HIPPA that protects consumers, which was passed and signed into law in 1996 and The Patient Protection & Affordable Care Act, known by many as Obamacare. There are three main types of health insurance namely; Preferred Provider Organization (PP0), Health Maintenance Organization (HMO) and Health Savings Account (HSA). Below is a discussion of each of these types.
1. PPO (Preferred Provider Organization)
PPO health insurance quotes are among the most common and this type is usually taken by organizations on behalf of employees. The insurance has an annual deductible. Coverage commences after the annual deductible has been paid. It is however important to note that coverage may be available before meeting the set deductible for services i.e. doctor visits. PPO health insurance plans include networks of physicians, specialists and hospitals which have agreed to offer health care services to organizations at a lower fee. The plan allows flexibility i.e. the insured can visit providers who are outside the network for a separate deductible or a slightly higher fee. Health insurance quotes with this type of insurance varies greatly on the options you choose, as well as deductible. No referrals are required from primary care physicians for a patient to see specialists. Monthly premiums and co-pays are usually higher than those of other health insurance plans i.e. HMO plans. Claims must be filed first before reimbursements.
2. HMO (Health Maintenance Organization)
Like PPO, HMO health insurance quotes are incredibly popular as well, they also have a network of physicians, specialists and hospitals offering healthcare services at reduced fees. One of the main differences between PPO and HMO health insurance plans lies in the fact that the primary care physician has to provide a referral before a patient can see any specialist in the network. That's why it pays to save money on health insurance whenever possible. Also, the plan doesn't cover providers who are outside the network meaning you are charged the full medial fee if you visit them. There are however exceptions i.e. emergencies. HMO plans also tend to have fewer claims filed since providers are paid directly by insurance companies.
. HSA (Health Savings Account)
HSA health insurance quotes is meant to make healthcare more affordable. To make contributions in a HSA health plan, you need to enroll in a HDH (High Deductible Health) plan characterized by premiums which are lower than those charged on standard health insurance plans. The deductible is however higher. HSA health plans help individuals put away savings which are used to qualify them for health-related expenses such as deductibles and co-pays.
HSA health insurance quotes take into account that they are funds are usually held in an interest earning tax-free account with no use-it/lose-it limits. This simply means that you don’t lose your contributions if you don’t spend them in a year. The balance rolls are usually rolled over and they continue to earn tax-free interest. The other notable feature of HSA health insurance lies in the fact that money can be withdrawn for both medical and non-medical expenses. It is however important to note that the money may be subjected to withdrawal penalties or tax when withdrawals are done for non-medical expenses.
You can get a free health insurance quote from us by using the quote box above. It's also important to note we also provide car insurance quotes, life insurance quotes and home insurance quotes as well. It does pay to shop around. You'd be surprised at how much you could save from company to company. Many thing since they've been with a company for years they are getting the best deal possible. Assuming this will cost you thousands of dollars over time. Let us help you today.