Health Insurance

Despite our best efforts, accidents and illnesses can still occur at any time. That’s why it’s important to have a health insurance plan that protects you and your family should misfortune strike. Compare health insurance offers from a wide variety of leading US providers and find the lowest rates anywhere, instantly with LowestRates.com.

Choosing the right health insurance plan is essential, as there really is nothing more important in the world than protecting your health. Even if you are covered by a health insurance plan from your employer, you may still wish to purchase private health insurance as there may be certain procedures or items that your employer will not cover. At LowestRates.com, we will help you find the health insurance plan that is best suited to you and your family, at the lowest price possible.

Depending on your medical history, health insurance can cost just $20 per month, making it a wise and sometimes invaluable investment. If you have a family, you can receive discounts for each person insured, making family medical insurance even more affordable on a per-person basis.

Choosing the right insurance provider is largely a matter of determining your needs and assessing your budget. There are three major types of health insurance to choose from: traditional care, Health Maintenance Organizations(HMOs), and Preferred Provider Organizations(PPOs).

Traditional insurance, or fee-for-service, is by far the most flexible type of health insurance. You may go to the doctor or hospital of your choice and submit your medical bills to your insurer as a health claim. Of course, you will have to pay a deductible, meaning you will have to pay a predetermined amount out of your own pocket before the insurance company will begin to cover your expenses. Deductibles can vary widely, from as little as $200 to over $1000. The good news is that deductibles are usually assessed annually, meaning once you’ve paid it out fully you won’t have to worry about it again until next year.

Once you’ve paid out your deductible, your insurance company covers a specified percentage of your medical expenses, usually around 80%. You’ll have to cover the remaining percentage, or coinsurance. Here too there is good news: most policies have a hard cap on out-of-pocket expenses, usually ranging from $5,000 to $10,000. When you reach the cap you’ll be off the hook for any further expenses that year, meaning the insurer will have to pay 100% of your medical costs.

Traditional plans really do vary widely and it is imperative that you find the right plan for your unique needs. The most popular type of traditional plan is termed ‘major medical,’ and provides a full spectrum of health care coverage for the insured person, while another, termed ‘catastrophic plan,’ is a very stripped-down policy that only covers major procedures like surgery and hospitalization.

You may also want to consider an HMO, which is basically a prepaid health plan providing thorough and comprehensive care. You’ll be restricted to only the doctors and medical practitioners approved by the HMO you’re enrolled with, however.

One advantage of an HMO plan is that they rarely have deductibles. All that you have to do is pay your monthly premium and a co-pay for each time you go to the doctor or the hospital. These co-pays are flat fees that apply to each individual visit, and they vary widely, from as little as $10 to over $200, depending on the HMO.

Another advantage of HMO plans is that you’ll be spared the extensive paperwork involved with many other types of health insurance plans. All you’ll have to do is present your HMO card to the healthcare provider and they will take care of the rest – no claims forms or insurer filings to worry about.

Also, HMOs tend to offer full spectrum health coverage, with an emphasis on preventive care, as the name suggests. You’ll have the benefit of being eligible for immunizations, health exams and pediatric care. Prescription drugs, dental and vision expenses are also often covered or covered with a very affordable co-pay requirement.

As with any insurance plan, there are a few aspects to carefully consider. Sometimes HMO doctors are not conveniently located. You should also check to make sure that emergency treatments are covered if you travel, so you won’t be exposed to huge medical expenses if you’re in an accident or fall ill while out of town.

The third type of health insurance plan involves Preferred Provider Organizations(PPOs). Unlike HMOs, PPOs allow you to see medical providers both inside and outside of their networks. The advantage of staying in the network is that doctors and hospitals usually discount their fees for those patients within their PPO. In other words, you may have to pay 25% of the cost of a visit to an outside physician and only 15% for a visit to one within the network. PPOs generally have a deductible and co-pay, and you’ll have to fill out most of the forms and filings yourself for your claim to be reimbursed.

As with an HMO, you should make sure there are doctors and hospitals within the network that are conveniently located for you.

Health Insurance is complicated, but finding a great plan doesn’t have to be with LowestRates.com. By using our site you’ll be able to find the right plan for you and your family at the lowest rates available on the market.