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Health Insurance

Health insurance may just be the single most commonly thought of type of insurance there is. Whenever people starting talking about insurance costs or insurance coverage, there’s a good chance that they are talking about health insurance specifically. There’s a good reason why health insurance is such a high profile type of insurance: it is essential. Let’s take a brief look at some of the key points for health insurance.

People looking for health insurance coverage may get this coverage as part of a group plan through their employer. Typically these types of plans require that the individual worker pay a portion of the insurance premiums and the company also pays a portion. This is the type of health care coverage which many people are most familiar with and find most affordable.

Another way of getting health insurance coverage is through an individual policy. As the name implies rather than getting the coverage as part of a group at work, with an individual policy the person gets their coverage separately, or with family members, and the individual or family is responsible for the full cost of the premium without any assistance or affiliation from work. These strategy of getting health insurance is often necessary if the individual isn’t offered coverage through work, or if they are not offered adequate coverage for all their healthcare needs through a group policy at work.

Within these two classifications of health insurance the plans which the person gets vary quite a bit as well. For instance the insured person may have a PPO plan (Preferred Provider Organization) an HMO plan (Health Maintenance Organization), or a POS plan (Point Of Service). There are different pros and cons to each and it is important to understand your particular plan.

In addition to the plan types, two additional pieces of information are very important to be aware of: your deductible and your coinsurance. Your deductible refers to the amount which you are responsible for paying before the health insurance goes into effect. For this reason it is thus logical that the lower your deductible the higher your premium, since a lower deductible means that you will have to pay less out of pocket before the insurance goes into effect. By contrast the higher your deductible the lower your premium.

Coinsurance refers to the rate at which expenses are covered after the deductible is met. For instance if you have an 80/20 coinsurance then after you met your deductible the insurance company is required to pay for 80% of the cost of the remaining bill while you are responsible to pay for the other 20% of the bill. Other common splits are 70/30, 90/10, or 100% coverage. As you may have guessed the higher your coinsurance, and thus the more the insurance company will pay on a bill, the higher your premium.

That is just a brief overview of some of the main points regarding health insurance. Remember here at Beaty insurance we are always here to discuss your health insurance options and to answer any questions that you may have. We want to help you choose the best plan to fit your medical needs and economic situation.