HEALTH INSURANCE

When deciding on which health insurance plan is right for you and your family, it is important to understand some key terminologies:

1. Premium: The amount you pay on a monthly, quarterly, bi-annually or yearly basis to keep your coverage active.

2. Deductible: A specific amount you must pay out of your pocket for medical care annually, before your insurance pays out.

3. Major Medical: An additional benefit available to you for funding Major Medical expenses.

4. Co-pay: A fixed amount you pay for certain services, such as X-rays or specialist visits.

5. Co-insurance: The percentage of your medical bills payable by you, once you reach your annual deductible.

Individual & family health insurance plans

When considering a health Insurance plan, it is important to look at your family's budget and healthcare needs. Listed below are a few of the most common health plans available:

Managed Care Plans:

1. PPO (Preferred Provider Organizations ): No primary care physician required. Insured can visit a wide network of doctors and specialists. Plan may include a deductible, co-pay or co-insurance for some services.

2. HMO (Health Maintenance Organizations ): The Insured can only see physicians within their network. Referral from your primary care physician is needed before seeing a specialist. A deductible and co-pay may be required.

Other Plans:

3. FFS (Fee-For-Service): The insured chooses their doctor and pays the medical professional for the services offered. The claims are then filed either by the health care provider or the patient.

4. HAS (Health Savings Account): A health savings account is included with these plans. This enables you to save money (tax free) which can be used to offset future medical expenses. This plan has the highest deductible but is usually the least expensive for major medical insurance.

5. Catastrophic health plan: Designed for persons under the age of 30 years old (or persons who quality for hardship exemptions), this plan provides minimum health care coverage.

By looking at your Health Care needs and Budget, we can help you to choose the plan that's right for you and your family. Let us design or customize a plan for you. Contact us today to schedule your appointment.