Health Insurance Facts

Here are a few health insurance facts about your plan options. In today's market, there are many companies that offer a special plan called preferred provider organization or PPO.

In this plan, a health insurance company contacts a network of hospitals and doctors and in case of illness, anyone in the plan can directly go to any of the paticipating facilities.

This functionality has two major advantages to the policy holder. One is that you don't need to worry about the co-pay as the health insurance company takes care of everything. Secondly, it will save on the verification time needed to approve the bills.

Health Insurance Premiums

Health insurance plans with the most comprehensive coverage at the lowest out-of-pocket cost require you to use a specified network of hospitals, doctors, labs, and other providers. The more flexibility you demand, the more you'll pay, in either premiums or co-payments.

If you and your spouse both get health insurance at work, you must sort out whether it makes more sense to have two policies or for one of you to cover the other. If you have kids, you need to decide who's going to cover them.

Ordinarily medical expenses, including health insurance premiums, are not tax deductible until they exceed 7.5% of your income. However, if you're self-employed or your employer offers a flexible spending account, you can get a tax break without meeting the threshold.

Great Health Insurance Coverage

What your health insurance covers is just as important as, and sometimes more important than, what you pay up front. Ultimately, the cheapest plan is the one with the best price for the benefits you're most likely to use.

You can count on your health insurance to cover you for a hospital stay. Most policies cover doctor visits, but benefits for mental health, prescription drugs and dental care are strictly optional.

Illness for non-work related injuries can be financial devastating. The right plan can help protect you against disastrous health care expenses and lost wages. If you have a job, your employer may make medical and disability income benefits available to you. You can also purchase these coverages privately or through an agent who is licensed by the State to sell health insurance products.

Personal Health Insurance Policies

Are you looking for quality, but cheap health insurance? Have you searched the internet to get the best individual, family, short term and student coverage in your area? Although most personal health insurance policies have expensive and outrageous monthly payments, there are a lot of companies that are honest and dedicated with low co-pays.

Write down a list of 5 or so companies and call them to discuss the different kinds of health insurance plans and answers common questions. Then compare them on a plan to price chart. Also there is a medical glossary of terms available to you on the internet for reference.

There are sensible ways to save money on insurance, but skipping coverage isn't one of them. Medical bills from even a minor car accident can deplete your savings - a major illness can push you into bankruptcy.