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Selecting the appropriate health insurance for your family can be one of the most critical decisions you can ever make. With so many health care plans in existence, and such a variety of options to choose from, it is advisable to do some research before coming to a final decision on purchasing a policy.

Checkup on Health Insurance Choices

Buying health insurance can be quite expensive. With so many different costs to take into consideration when selecting a health insurance policy, it is easy to get confused. First off, there is the premium. This is the monthly fee for coverage. Prices for premiums vary depending on the type of coverage you have. Then, there is the deductible, or the dollar amount that must be fulfilled before the insurance company will start paying for your health care expenses. Finally, there are the co-insurance and co-payments. These are two additional ways to divide up costs with your insurance company.

Health insurance is categorized into two basic types: indemnity plans, occasionally referred to as “fee-for-service,” plans and managed care plans. Indemnity plans enable the customer to use any medical provider desired. Fees for medical test and prescription medications are paid for using the indemnity care plan. With this form of health insurance, you have a deductible that must be paid yearly before the health insurance company begins paying for medical services.

Unlike the indemnity plan where patients are allowed to choose their doctors and health care providers, in a managed care plan, insurance companies have contracts with select physicians and other providers who have agreed to provide their duties to members at a discounted cost. While a managed health care plan does offer lower prices, there are not as many doctors and services available. Three well known branches of the managed health care plan are: Preferred Provider Organization (PPO), Health Maintenance Organization (HMO), and Point-of-Service (POS) Plan.

Choosing a health insurance plan is a crucial decision that everyone must make one day. While it may take a bit more time to familiarize yourself with the various areas of health insurance, in the end, it benefits all those involved.

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