A Brief Overview of the Most Common Types of Health Insurance Plans
When looking for the best health insurance plan for one’s self, it is often very difficult to choose which plan is intended to be used by a sole proprietor and the employees of that sole proprietor. A sole proprietor plan will likely only offer catastrophic coverage, which basically means that there will only be major catastrophes that the sole proprietor and his or her employees will have to deal with on a yearly basis. For example, if a sole proprietor begins to suffer an accident and needs to be hospitalized, he or she may only be able to afford to stay in the local hotel which is required by the plan. Even if that accident is resolved quickly and without any serious harm being done to either party involved, that person and his or her dependents will not be covered under the plan’s benefits, which means that their medical expenses will not be paid for.
If you are shopping for a health insurance plan for your entire family, you should be aware that there are other options which will provide better coverage than a bare-bones health-insurance plan. For example, you can obtain a family health insurance plan which will allow coverage for your spouse and children as well as yourself and your wife and children. This type of plan is significantly more expensive than the individual health insurance plan but it is still affordable compared to what a person will have to pay under a catastrophic health insurance plan. It is important, however, to make sure that the family health insurance plan you obtain provides adequate coverage for the needs of your entire family. Most family health insurance plans will also have prescription drug benefit included in their plans.
If you are single and are looking for a health insurance plan for yourself and your entire family, you should look at what is called a “fee-for-service” plan. This type of plan allows you to choose the doctors and hospitals that you would like to see, and the only out of pocket expense that you will have to pay is your co-payments and the deductible amount which you have set for yourself. A “fee for service” plan is good if you want to be treated in an area which you prefer to be in and which is not available through your employer. If you work in an area which has a wide variety of doctors and hospitals available, an “employer guaranteed” health insurance plan may be your best option.
A “participating provider” or “reimbursement plan” is another type of affordable health insurance plan. In a “participating provider” plan, you select which physicians and hospitals you would like to use and agree to pay a co-pay each time you visit them. There is no annual limit to the amount of money you can spend on your premiums or co-pays. In most cases, a participating provider insurance plan will provide more affordable health insurance than an individual policy would allow.
The most expensive option which an individual would have for obtaining affordable health insurance would be a “managed care” plan.
Under a managed care health insurance plan, the insurance company provides medical coverage for the services which are purchased through the company. In addition, the company reimburses the insured for medical services which have been ordered by a doctor, hospital, or other medical professional. Although this type of plan is the most expensive one available, it gives you many of the same choices as the other types of plans discussed in this article.
Affordable health insurance plans can be obtained if the person seeking such coverage does their homework. They should first determine which type of health insurance policy is intended to be used by the sole proprietor and the employees of his or her business. After making the determination, they should then contact several different companies in order to obtain a quote which best meets their particular needs. Quotes can be obtained online or by phone. No matter which route a person takes to obtain their health insurance quotes, they will find that getting affordable coverage that meets their individual healthcare needs can be extremely simple and painless.
