When you get sick or hurt, the last thing you want to worry about is how to pay for your medical bills. Luckily, medical insurance can help! Medical insurance cover pays for your healthcare expenses when they arise. For example, if you're injured and need surgery to fix an injury, medical insurance will typically cover your treatment and care costs. It may also pay for any follow-up visits with doctors or other numerous treatments necessary to maintain your recovery process.
How to Purchase Medical Insurance
To purchase medical insurance, visit one or more providers and complete a quote request form online to get prices for different plans. An important consideration when purchasing medical insurance is the deductible. The higher the deductible, the lower your premiums will be.
Another factor to consider is whether the plan includes an out-of-pocket maximum. If you're self-employed or unemployed, it may be difficult to find medical insurance that's affordable and meets your needs. However, many states offer coverage for these groups of people through their state health care exchanges.
Commonly Used Types of Medical Insurance
In the United States, there are many forms of medical insurance, the most common types being Preferred Provider Organization (PPO), Point Of Service (POS) plans, and Health Maintenance Organization (HMO).
- HMO Plans: This type of plan is typically the cheapest but offers limited access to providers in the network. You'll need a referral if you want to see a provider who isn't within your network.
- PPO Plans: These types of plans offer greater freedom in choosing your care providers than an HMO. However, because of this greater freedom, you'll pay more in co-pays and deductibles.
- POS Plans: This type of plan is a mix between an HMO and PPO. You have access to providers within the network but can also see outside providers if you want without restrictions with higher co-pays.
How to Choose the Most Appropriate Plan for You
The health insurance marketplace has many insurance plans to choose from. Therefore, you should find the one that fits your individual needs, or you may end up with a lackluster plan and higher medical bills in the future. Consider these three key things when you're choosing a plan:
- What type of coverage it offers
- How much money you'll pay for your premiums and deductibles
- Whether your prescriptions will be covered.
For your family's health, you want a medical insurance plan that covers all bases. Consult a Medicare insurance advisor and ask them how they might help you make informed decisions.