You never know when you might experience a health issue, so it is important that you have a good health insurance policy in place. However, with various options available, it can be challenging to determine which is the best to get.
Well, to help you figure out what is right for you, consider the following eight options.
1. Medicare
If you are aged sixty-five or over, if you are a young person with a specific disability, or if you have end-stage renal disease, you qualify for the federal Medicare health insurance program. There are three different parts of Medicare.
Part A covers inpatient hospital stays and hospice care, nursing facility care, and some health care at home services. Part B covers doctors’ services, outpatient care, preventive services, and medical supplies. Part D helps to cover the cost of prescription drugs.
2. Medicare Supplement Insurance
Seeing as there are gaps in Medicare coverage, you might want to consider taking out Medicare supplement insurance.
There are ten different standardized Medicare supplement plans. With each one, Original Medicare is your primary insurer. So, you would keep the benefits of your Medicare plan, such as having no network limitations.
Once you decide to take out a specific Medicare supplement plan, you will need to find the right insurance company to go with.
It is important that you compare the leading Medicare supplement insurance companies to find the right one. If you choose the wrong one, you could potentially end up paying over twice the premium than you would pay with another over the course of your lifetime.
3. Health Maintenance Organization
Not everyone qualifies for Medicare. One health insurance option that is open to all is the Health Maintenance Organization.
With this type of health insurance, you have little freedom to choose your health care providers but you can access a primary care doctor to manage your health care and you are able to get referrals to see a specialist when you need one.
4. Preferred Provider Organization
With a Preferred Provider Organization policy, you can have more freedom over your healthcare provider compared to an HMO, but you still have limited options.
Plus, you do not need to get a referral from your primary care doctor in order to see a specialist. If you do see an out-of-network doctor, you will have higher out-of-pocket expenses.
5. Exclusive Provider Organization
The Exclusive Provider Organization option gives you a moderate amount of freedom in the health care providers you choose and you do not require a referral to see a specialist.
An EPO comes with a lower premium than a PPO. But be aware that if you do see an out-of-network provider outside of an emergency situation, you will have to pay the full cost.
6. Point-of-Service Plan
A Point-of-Service Plan blends together the features of an HMO with a PPO. With a POS plan, you can have more freedom in your choice of healthcare providers and you can access services from a primary care doctor, who is also able to refer you to specialists.
7. Catastrophic Plan
If you are under the age of thirty, you have the option to purchase a catastrophic health plan. Premiums are low, you can access free preventive care, and you are eligible for three primary care visits before the deductible applies.
8. High-Deductible Health Plan
A High-Deductible Health Plan is similar to a catastrophic plan. You will have higher out-of-pocket costs compared to most other plans.
But with a High-Deductible Health Plan, you will have a health savings account that you place money into, and the money in that account is not taxed. The cash can be used tax-free on qualifying medical costs.
Article Submitted By Community Writer
