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How To Choose Health Insurance

Think about choosing health insurance like buying a pair of jeans: In a clothing store, there are usually dozens of racks of jeans to choose from. As you shop, you consider what kind of jeans you want, along with how much you want to spend. You look at the options that fit your criteria and try them on to see which fits best.

Now imagine each rack is a different insurance company. You can shop in the same way — by comparing various types of plans, comparing rates, and comparing coverage and benefits. When you shop smart, you will find the best fit for your health needs.

I will help you with the shopping by showing you the options, and together we will sort out the details and see which plan fits you best.

Individual Health Insurance

Until recently, most people obtained their health insurance from their employer, and people with low income got their insurance from the government. But now, more and more people are buying private health insurance plans tailor-made for individuals.

Individual health insurance is actually more affordable than you think. We can help you compare rates from leading health insurance carriers to see for yourself.

First, here are a few basics about individual health insurance:

What Kinds of Private Health Plans Are Available To Me?

There are plenty of individual health plans to choose from. Here are the most common types:

HMOs (Health Maintenance Organization)

HMOs are one of the most affordable health plans available, and they offer comprehensive coverage. HMOs create networks of doctors, hospitals, clinics, specialists, and other care providers. Most HMO networks consist of thousands of healthcare professionals, ensuring you’ll have convenient access to medical care when you need it.

PPOs (Preferred Provider Organization)

The PPO is an affordable health plan with an added benefit — you’ll have coverage with any health care provider. That means you can see any doctor or specialist you want, and your plan will cover the care. The PPO is great for flexible, comprehensive, and affordable health care.

HSA (Health Savings Account)

There are 2 parts to HSA coverage: a high-deductible plan and a Health Savings Account. The high-deductible plan provides catastrophic coverage and features low monthly premiums. The HSA is a tax-free savings account where you save money to pay for routine medical expenses.

FFS (Fee For Service)

The FFS plan is the traditional form of health insurance. It works very simply — you get the care you need, then you’re reimbursed for a percentage of the cost.

Understanding The Terms Of Your Personal Health Insurance Plan

Premiums

Your premiums are payments you make to keep your plan in effect. Usually, premiums are paid each month. Premiums are set by your insurance company based on factors such as health status, age, where you live, and where you work.

Deductible

The deductible is the dollar amount you’ll be responsible for before your plan begins coverage. Most health plans let you choose your own deductible, so how do you choose the amount that’s best? It might seem like a lower deductible would be better, but a low deductible means you’ll have to pay higher monthly premiums. It works the other way too — the higher your deductible, the lower your monthly bill. You’ll have to decide if you want lower monthly premiums or lower medical bills for your health care.

Copayments and coinsurance

If you have an HMO, you might pay $15 at the doctor’s office for a check-up. That’s called your copayment. You pay a certain dollar amount of the bill and your plan covers the rest. HMOs offer copayments as low as $10, while PPOs often charge copayments of $40 or less. Coinsurance is similar to a copayment, except it’s expressed as a percentage rather than a dollar amount. A coinsurance rate of 80/20 means you’ll be responsible for 20% of a medical bill.

Individual vs. Employer-Sponsored Health Coverage

The majority of people have employer-sponsored health insurance. But the number of people with individual coverage is growing. Today, more than 13 million people have an individual plan.

Why choose an individual health plan over an employer’s plan? Here are the key advantages of individual health insurance:

Customized Coverage

In group coverage, everyone ends up in a one-size-fits-all type of plan. But everyone has different health needs. With employer-sponsored coverage, you end up paying for coverage you don’t need or may have to go without coverage for care you do need.

Mobile Coverage

With an employer’s plan, leaving your job means leaving your health insurance. Individual plans protect your health wherever your career takes you.

“We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.”

Medicare covers many of your health care needs. Today’s Medicare is working with private companies approved by Medicare that provide different ways to get your healthcare and prescription drug coverage in the Medicare Program. The Medicare plan that you choose affects many things like cost, benefits, doctor choice, convenience, and quality. Your Medicare plan choices include:

The Original Medicare Plan

This is a fee-for-service plan that covers many healthcare services and certain drugs. You can go to any doctor or hospital that accepts Medicare. When you get your health care, you use your red, white, and blue Medicare card.
The Original Medicare Plan pays for many healthcare services and supplies, but it doesn’t pay all of your healthcare costs. There are costs that you must pay, like coinsurance, copayments, and deductibles. These costs are called “gaps” in Medicare coverage. You might want to consider buying a Medigap policy to cover these gaps in Medicare coverage. You can also add prescription drug coverage by joining a Medicare Prescription Drug Plan.

Medicare Advantage Plans – Available in many areas

If you have one of these plans, you don’t need a Medigap policy. These plans include:

Health Maintenance Organizations (HMO), Preferred Provider Organizations (PPO), Private Fee-for-Service Plans, Medicare Special Needs Plans, and Medicare Medical Savings Account Plans (MSA)

These plans may cover more services and have lower out-of-pocket costs than the Original Medicare Plan. Some plans cover prescription drugs. In some plans, like HMOs, you may only be able to see certain doctors or go to certain hospitals to get covered services. Call or email for more information on Medicare Advantage Plans.

Medicare Supplement (Medigap) Plans – Available in many areas

Medigap is Medicare Supplement Insurance that can help to fill the "gaps" in Original Medicare healthcare coverage and is sold by private companies. A Medicare Supplement Insurance (Medigap) policy can help pay for some of the healthcare services Original Medicare doesn't cover, including copayments, coinsurance, and deductibles.

If you have Original Medicare and you buy a Medigap policy, here's what happens: Medicare will pay its share of the Medicare-Approved Amount for covered healthcare costs. Then, your Medigap insurance company pays its share.

Medicare Prescription Drug Plans

These stand-alone plans add prescription drug coverage to the Original Medicare Plan, some Medicare Cost Plans, some Medicare Private Fee-for-Service Plans, and Medicare Medical Savings Account Plans. Call or email me for more information on Medicare.

Need Help Paying for Health Care Costs?

There are wide ranges of healthcare coverage choices that may help pay for some of your healthcare costs. These healthcare choices work with the benefits you have from Medicare. What you choose will affect how much you pay, what benefits you have, which doctors you can see, and other things that may be important to you. For more information about programs that may help pay for some of your healthcare costs, please call or email me today.

The basic building block of financial planning is protection. By having enough life insurance, you are protecting your loved ones by ensuring that the financial resources are there to continue their lives without financial burden in your absence. It has been said that having life insurance is an honorable and selfless act. You are forward-thinking and taking responsibility for the financial future of the people you love.

It is my goal to help you find the best life insurance policy for your family.

Life Insurance Basics

There are many types of life insurance to fit individual needs and circumstances. The following are some of the basic types of life insurance available.

Term Insurance

The simplest form of insurance. You purchase coverage for a specific price for a specified period of time. If you die during that time, your beneficiary receives the value of the policy. There is no investment component.

Whole Life

Similar to term, but you purchase the policy to cover your “whole life” not just a set period of time. Premiums remain level throughout the life of the policy, and the insurance company invests at least a portion of your premiums. Some firms share investment proceeds with policyholders in the form of a dividend. Many companies will offer “a relatively low guaranteed rate of return,” but in reality pay at a rate in excess of the guarantee.

Universal Life

You decide how much you want to put in over and above a minimum premium. The insurance company chooses the investment vehicle, which is generally restricted to bonds and mortgages. The investment and the returns go into a cash-value account, which you can use against premiums or allow to build.

With some policies, sometimes called Type I or Type A, the cash account goes toward the face value of the policy on the death of the policyholder.

With a second variety, sometimes called Type II or Type B, the beneficiary receives the face value of the policy plus all or most of the cash account.
While Type II is meant to provide a partial hedge against inflation, it demands higher premiums as you get older than Type I.

A variation of a universal policy, often called universal variable life, allows policyholders to choose investment vehicles.

Final Expense

With the average cost of funerals being around $10,000, you can help to cover those expenses with final expense insurance, also known as burial insurance. It will help cover funeral arrangements (casket, embalming, flowers, etc.), burial costs (cremation, burial plot, etc.), and outstanding medical, legal, or credit card bills.

Critical Illness

Critical illness insurance helps cover medical expenses that your primary health insurance won't. Being diagnosed and going through treatment for serious illnesses like cancer, stroke, heart attack, Parkinson's, and more can be costly. Critical illness insurance is paid to you and can be used to cover deductibles, treatments, and more.

Dental & Vision

Dental

"An ounce of prevention is worth a pound of cure." It's an old saying that is still applicable today, especially when it comes to dental health. Did you know that dental health is strongly tied to overall health? While not many people love a visit to the dentist, regular checkups and cleanings can prevent costly issues later. That crown or root canal will be a little more comfortable with dental insurance to help with the costs.

Dental plans generally cover regularly scheduled checkups, cleanings, fillings, and X-rays.

Vision

Eye exams can be monumental to keeping track of your health. Did you know eye exams can help detect a myriad of health conditions, including high blood pressure, high cholesterol, and more?

Vision insurance plans complement health insurance because preventive eye care is essential to overall health. With screens being an everyday part of modern life, it's not a surprise your eyes may be feeling stressed or fatigued. These plans cover routine eye examinations and can help to pay for corrections such as glasses, frames, and contact lenses. Vision problems are the fourth most prevalent disability in the United States and one of the most prevalent conditions in childhood. Regular eye examinations are also important for general health because they can detect diseases like glaucoma and diabetes.

Hospital Indemnity

No one ever plans to be hospitalized. Unfortunately, it happens, and when it does, are we ever prepared for the list of fees that come with it? While your medical insurance may help to cover your hospital bills, it may not cover all of the costs associated with a hospital stay, such as deductibles and co-pays, transportation, and lodging. Hospital indemnity insurance can help you to find relief from the cost of hospitalization.

Short Term Health Insurance

Short term health insurance is a great way for people to fill gaps in insurance coverage without sacrificing healthcare services. They offer a range of deductibles that help to make it easy to find the right benefits at the right price. If you've missed the deadline for open enrollment or you just can't afford the premiums and deductibles that come with a traditional health insurance policy, then short term coverage might be a good alternative for you.

These plans are for people in a transitional phase of life. Whether you've changed jobs and need something to fill the gap between employer-sponsored coverage, you've just graduated college or been dropped from your parent's plan, or you've retired early but don't qualify for Medicare yet, this type of plan could be perfect for you.

Your Health Matters

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