Different types of health insurance Coverage

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You want to lead a healthy life? You work hard throughout your career Right? You should protect your loved ones and yourself Right? By getting Health insurance you are protecting your family and finances and creating a sense of security you can face major problems with your health without financial insecurity. By analyzing the risk of health system expenses before hand, the insurer devises a Plan that requires the insured to pay premiums. The insurance company will in turn pay some or all of health and medical expenses. Here is some of different types of health insurance plans, their advantages, and what their health covers, premium differences, co-pays coinsurance, in-coverage ,out-of-coverage deductible premiums .

Health Saving Account

Health Savings Account allows you to save money for present or future medical expenses on a tax-free basis. However, you will have to pay the timely deductibles which are timed quarterly, half yearly or yearly. This plan involves the companies for which an individual works; companies are the ones which offer such insurance plans. It includes deduction of salary timely and addition of funds to the health savings account. It is an effective way of cutting taxes, at the same time saving something for your health. The health benefits include catastrophic health care, reimbursement on damaged eyeglasses and hearing aids. They might also include traditional health checkups, preventive cares and child checkups sometimes.

Indemnity Plans

Health indemnity insurance usually pays the maximum benefits allowed a policy. An insured person could face health care costs if it is higher than the policy. Managed plans are different in the fact that after a certain amount is met insurance covers all the cost. The insured has the option of any medical provider and is usually not restricted to a list of providers in insurance company’s network. The insurance company pays the standard of costs for care, without regards of which provider the insured goes through for care. Policy holders often must pay a deductible for health indemnity coverage and co-pays. The insurance company takes in both types of payments. into consideration before reimbursements are issued.

Health Maintenance Organization

HMOs can be more affordable than other types of health insurance, but they limit your choices of where to go and who to see. The type of options you're likely to have will depend on where you live and how you get your health insurance. For example, if you are selecting health insurance through your employer, there may only be one or two options, or there may be multiple. If you are purchasing insurance on your own, the options vary by state. An HMO plan requires that you stick to its network of healthcare professionals, HMOs are considered one of the more affordable health insurance choices, yet costs vary based on the plan, region, and whether you enroll through your employer or as an individual. HMOs only cover in-network services. Care is typically managed by a primary care provider hospital, and labs for tests; otherwise, the services aren't covered. Exceptions are made for emergencies.

An HMO is a type of managed care health insurance, which means that the health insurance company has agreements with providers for the cost of care. (Managed care includes virtually all private coverage in the U.S.)

Preferred provider organization (PPO):

These tend to be more expensive but allow more options than HMOs. PPOs charge different premiums based on in-network or out-of-network healthcare needs, which means you still have some coverage if you go out-of-network. You don't need to go through a specific primary care provider. If you use the in-network provider, you pay less. PPO have established discounts within network providers. There can be a higher co-pay coinsurance amount or deductible for out-of-network providers. Here is an example you use an in-network provider. The co-pay per visit is 30 dollars an out-of-network provider is 50% coinsurance. The in network covers the whole amount of say the visit cost 300 and you pay 30 dollars for the co pay in network. An out-of-network provider charges 300 per visit you now pay 150 instead of 30 dollars had you stayed in network so there are incentives for staying in network saving you money.

Certain Younger People With Disabilities

People with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD)

The services include skilled nursing facilities, x ray, mental health care, drugs cost reimbursement and Hospice. Medicaid in the United States is a federal and state program that helps with healthcare costs for some people with limited income and resources. Medicaid also offers benefits not normally covered by Medicare, including nursing home care and personal care services. The main difference between the two programs is that Medicaid covers healthcare costs for people with low incomes while Medicare provides health coverage for the elderly.

Medicare

Medicare is a health care program that provides insurance and coverage to the elderly and disabled individuals irrespective of their income levels. It is administered through centers and the coverage benefits differ based on several factors like doctor’s office location, whether it is a home treatment and resources being utilized.

Medicare is the federal health insurance program for:

People who are 65 or older

Medcaid

It also covers the poor people satisfying the motto ‘Every American should be healthy, no matter what’. The government pays the fee for medical care waives it from poor and they will not have to pay anything to Medicaid ‘organization’. some, will have to pay insurance premium. The features offered are Dental Care, HIV protection, several preventive and health measures. For this plan to be effective, poverty should be defined specifically. The poverty income should be defined as well. This is a centralized policy; each state has their own version of this plan. The versions are different in terms of their definition of and eligibility criteria. There are also dual health plans for people who have both Medicaid and Medicare. The Health Insurance Association of America describes Medicaid as "a government insurance program for persons of all ages whose income and resources are insufficient to pay for health care.

Catastrophic Health Insurance Plan

A catastrophic health insurance plan ‘alleviate high medical fees in case of an accident or a serious illness. The individual will have to pay premiums which are quite low compared to other plans. You will also pay deductibles on an annual basis. You are covered for all major ailments, but this health insurance plan and it doesn’t cover preventive care and medication. These plans are limited a person under the age of 30 and to those with hardship exemptions (they don’t have to pay the fee). These plans offer the facility of free primary care visits and preventive services for the first three years (once per year). The only downfall with this plan is heavy deductibles i.e., large investments before the main insurance plan starts.

CHIP

Chip provides free or low-cost health coverage for children up to the age of 19. Eligibility criteria is that the individual should be a Green Card Holder or us citizen. However, CHIP eligibility differs from state to state. The differences for eligibility, benefits, premiums and renewal procedures.

If your children need health coverage, they may be eligible for the Children's Health Insurance Program (CHIP).

CHIP provides low-cost health coverage to children in families that earn too much money to qualify for Medicaid. In some states, CHIP covers pregnant women. Each state offers CHIP coverage it works closely with its state Medicaid program CHIP benefits are different in each state. But all states provide comprehensive coverage, including:

Routine check-ups
Immunizations
Doctor visits
Prescriptions
Dental and vision care
Inpatient and outpatient hospital care
Laboratory and X-ray services
Emergency services

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