Health Insurance is insurance to protect one from loss due to sickness or accidental bodily injury. This is sometimes called accident and health, or accident and sickness insurance. Health Insurance plays a key roll in protecting its members from the financial hardships caused by medical bills due to an unexpected accident or sickness.
First you'll need to work out a few factors. Typically you'll need to figure out a budget for your monthly premium. In addition, figure out how much money you spend on services. For example, cost of monthly medications and/or doctors visits. That should gve you a good starting number. From there, pick a plan with benefits you'll use at a price you can afford. It's always better to have a plan with lesser benefits that you can afford instead of taking on too much financial responsibility for a plan with good benefits that you ultimately can't pay for more than a month or two. Speaking with a licensed agent should help you get a better idea on what is available in your area.
Again, look at something you can afford for the sevices you most frequently use. No one can predict the future and buying a plan with a low deductible just because it feels safer may not always be the way to go. It's always better to have insurance than not and sometimes that means picking a plan with a higher deductible, but more upfront benefits.
If you have no plan of receiving group health insurance coverage through an employer, you may value the stability of benefits offered through an individual and family health insurance plan which will provide longer term coverage. However if you only need coverage for the next 1-6 mounts because you may be returning to work, short term policies are much cheaper than Individual and family health insurance policies.
In insurance, much like any other industry, there are specific terms that are used as standard terminology. A Deductible is the amount of expense or loss that is paid by the insured before the health insurance policy starts paying a specified benefit. That specific benefit, for example 80%, is what the insurance company will pay, up to what's called an out of pocket maximum. Once this maximum is reached, the insurer pays 100% of all claims for the rest of the calendar year. This percentage split with the insurance carrier is referred to as Co-insurance.
Insurance plans and pricing must all be filed with each respected state's Department of Insurance and approved for a certain time period for sale in an area. The prices are set by law and are not elligble for increases or discounts by any licensed agent.
There are numerous factors that will determine pricing, but some of the most basic are Geographic Location, Age, BMI(Body Mass Index aka Height to weight ratio), Tobacco useage and health history. Typically, if you are in good health with little to no medication use, the prices quoted will end up being your final premium.
Insurance Carriers typicall work within a specific network of doctors or facilities. Each can be contracted by an insurer to offer lower rates and benefits to their clients. Utilizing these professionals will allow you to use In-Network benefits. If you go outside of the Network, you may get lesser or no benefits at all. Refer to your policy documents for information on your in or out of network benefits.
The Free Look Period is the time from the issue of your policy where you can cancel without penalties, make changes and adjust plan benefits to your liking. This is done as a protection to the customer so that they are completely satisfied with the product they have purchased.
All insurance prices are highly regulated and monitored by the Department of Insurance. No agent can give discounts or rebates on premium pricing or they will be subject to fines and potentially having their license revoked by the DOI.
An HSA, or Health Savings Account, is a type of health insurance that allows a consumer to place a tax deferred amount of money (which varries from year to year based on inflation) into a bank account and can be used for health related expenses. If that money is not used at the end of the year, it grows with interest and will continue to too until retirement. You can keep putting the allowable max in every year until you no loger have the plan.
If you have no plan of receiving group health insurance coverage through an employer, you may value the stability of benefits offered through an individual and family health insurance plan which will provide longer term coverage. However if you only need coverage for the next 1-6 mounts because you may be returning to work, short term policies are much cheaper than Individual and family health insurance policie's.
In most circumstances Life Insurance provides a way to replace the loss of income or cover financial responsibilities that occur when someone dies. A Life Insurance Policy is a contract between the insured person, and the insurance company providing the insurance. If you die and the contract is in force, the insurance company pays a specified sum of money, usually called a Death Benefit, free of income tax, to the person or persons you name as beneficiaries. The beneficiaries can usually use the proceeds without restriction.
A Cancer Policy is a contract between an insured and insurer that covers in the event of a certian type of Cancer diagnosis. Survival and treatment often comes at great financial cost. Even if you have normal Health Insurance, you may have to pay for part of your treatments. Plus, you may have day to day living expenses that stack up because of your inability to work. A Cancer Policy helps you deal with any of the expenses you may have encountered. As soon as you receive the diagnosis, you will be paid a tax free lump sum of money, and it may help you and your loved ones deal with the battle ahead.
As with much of this information, that depends a bit on the policy you select. In most cases, heart attack, stroke, kidney failure, organ transplant, and life threatening cancers are covered at 100% of the policies maximum value. Other medical problems like coma, Parkinson’s disease, and Multiple Sclerosis may be covered, but at a lesser benefit. Be sure to take a look at which illnesses and conditions are covered by the policy of your choice before you make a final decision.
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