Health Care Insurance Frequently Asked Questions (FAQ)

Got questions about medical insurance ? Here are the top 10 medical insurance questions and answers:

<h3>What types of medical insurance plans are there?</h3>

There are two basic types of medical insurance plans – indemnity plans and managed health care plans. Indemnity plans let you select your own physician, while managed health care plans – HMOs, PPOs, and POSs – assign you to a network of medical providers and hospitals. Managed health care plans are less flexible, but much cheaper than indemnity policys.

<h3>What isan Health Maintenance Organization (HMO)?</h3>

With an Health Maintenance Organization (HMO) you pay a monthly premium for which you are assigned to a network of medical providers specialists, and hospitals who provide your medical care. A primary care physician oversees your care and you can only see medical providers within your network. Prescriptions may completely covered or partially covered and normally require a co-pay of $5 to $10. That’s the cheapest kind of medical insurance.

<h3>What is a PPO?</h3>

A PPO is similar to an Health Maintenance Organization (HMO), but it allows you to visit non-network medical providers without a referral from your primary care physician. You may need to pay for the non-network medical providers fee, then get partial reimbursement from your PPO provider. Co-Payments are normally $5 to $10, and this plan expenses  a little more than an Health Maintenance Organization (HMO).

<h3>What is a POS?</h3>

A POS plan is a combination of an Health Maintenance Organization (HMO) and a POS plan. You select a primary care physician within your network, but you can also see medical providers outside the network. If your primary care physician refers you to an outside physician your POS provider picks up the expenses . That’s the most flexible and the most costly of the three managed health care plans.

<h3>What is a deductible?</h3>

A deductible is the amount you pay toward a claim before the insurance company pays.

<h3>What is coinsurance?</h3>

Coinsurance is the percentage of your medical expenses  you need to pay after you pay your deductible.

<h3>What is a co-pay?</h3>

A co-pay is the amount you must pay when you visit a physician.

<h3>How do I select a medical insurance plan?</h3>

In an ideal situation , you want to select a plan that will provide you the most amount of benefits for the least amount of money. If you want to continue seeing your current physician, find out what plans he or she is associated with. And if you’ve special medical needs, make sure the plan you select will provide for those needs.

Other things to consider when picking a medical insurance plan are:
<ul>
<li>• What are the co-pays, deductibles, and coinsurances?</li>
<li>• Does the plan cover pre-existing conditions?</li>
<li>• What is the waiting period for pre-existing conditions?</li>
<li>• Will the insurance company give me good service?</li>
</ul>
<h3>Where can I get cheap medical insurance ?</h3>

Insurance premiums vary substantially from one corporation to another, so you want to get quotes from several corporations in order to get the best price.

The quickestway to get quotes from different corporations is to go to an insurance comparison Web site. Once there you will complete a short questionnaire, then receive your quotes. The best comparison sites only deal with A-rated  insurance carriers so you know you will be getting a reputable company. They also have an insurance expert on call to answer your questions. (See link below.)

<h3>How do I know I’m getting a reliable medical insurance company?</h3>

One of the best places to check out an insurance company is your state’s Department of Insurance Web site. You are able to also visit J.D. Power an Associate’s Web site (jdpower.com) to get consumer ratings on insurance corporations, and A.M. Best’s Web site (ambest.com) to get financial ratings.