Health Insurance: Choosing the Right Plan That’s Right for You
While some individuals view health insurance as a discretionary expense, most of us cannot afford not to have health insurance. With so many policies to choose from, finding the right health plan to fit your needs can be a difficult task. Consider this overview on how to choose a health insurance plan to fit your needs:
Types of Plans
Most health insurance plans fall into three categories:
1. Indemnity Plans
Also known as a “fee-for-service” plan, an indemnity plan allows you to select any hospital or physician regardless of the network, while the insurer pays approximately 80% of the overall percentage. However, individuals who choose a provider who charges more than the insurance limit will be financially responsible for the difference. Indemnity plans also require the insured to pay a deductible before the plan effectively covers the services rendered.
2. Managed-Care Plans
Including HMOs and PPOs , managed-care plans also tend to be less expensive than indemnity policies but offer a more limited choice of healthcare providers. This means that the insurer will cover services rendered by a physician, hospital, medical clinic, or laboratory within the plan’s network. Individuals are also responsible for a co-pay at the time of the service.
3. Health Savings Accounts
Also known as a HSA policy, health savings accounts allow consumers to manage their own healthcare spending decisions. These plans typically include discounts, routine care, and co-payments based on the package chosen by the individual’s employer. Any unused funds are rolled over to the following year; however, the plan will revert to a traditional managed-care policy when the high deductible or healthcare funds are depleted.
The best way to determine which plan is best tailored to suit your needs is to contact a potential health insurance provider for a listing of quotes. This will also allow you the chance to ask questions regarding dependent coverage. MountainView Hospital of Las Vegas provides a managed care plan listing online, so you can know before you go. For more information on our accepted insurances, please contact us at (702) 255-5000.