Choosing an Individual Plan for your Coverage
One of the most important kinds of insurance one can have is health insurance. Illness has a way of striking without warning and it is easy to go from feeling well one day to being very ill the next. Having insurance to cover this possibility is as important as having insurance on one’s automobile.
Health insurance comes in many shapes and sizes. It is possible to have complete coverage, partial coverage or a special coverage such as for cancer. Having complete coverage will enable a person to go to the doctor or hospital at any time. It will cover laboratory, x-ray and other such expenses. There is ordinarily a deductible or partial pay with this kind of plan. See eHealthInsurance to compare plans.
Partial pay means that a person will pay a certain amount every time they go to the doctor, that is pretty much how health insurance for individuals works. It may be a small amount such as $5.00 or a larger sum such as $15.00. The insurance company will either be paying a monthly amount to a provider or the patient must see that billing is sent to the company. Some insurance policies have a deductible whereas the patient’s insurance will only kick in after the medical costs reach a certain amount and then it pays only a percentage of the bill.
Many people who have Medicare and private insurance have a plan called HMO. The private insurance company pays a monthly fee to the HMO. Medicare is then billed for part of the cost and the insurance pays the rest. Under this plan there is a small amount the patient pays at each visit. If the patient has no personal insurance Medicare will pay all or part of the bill, in some cases, depending on what part of the plan they are enrolled in.
Medical insurance can be purchased individually but many workers are covered by a company health insurance policy. At the present time many companies have cut back on their contribution to the plan and employees must pay some or all of the premium. Usually this has the advantage of a lower cost due to the number of people being insured.
Long-term care health insurance is an excellent investment, especially if taken out when a person is young. This insurance, when taken out at this age, has a very low premium. As a rule this premium does not increase with age so is an excellent policy to have. There is no way of knowing when an accident, illness or other catastrophe will strike and it is always best to be prepared with the proper health insurance, especially with the current high price of medical care.