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Insurance News

Six Questions For Your

Insurance Agent

Here, from Fox News are the six most important questions you should ask you insurance agent before you sign up for home insurance.

Auto Insurance From

Google?

Google is now licensed to sell auto insurance through its online comparison site. Here’s the latest from Bankrate.com

Health Insurance

Prices

Want to know which states have the highest and lowest health insurance rates. Here’s the lowdown from NPR.org
Health Insurance Info You are not alone feeling jittery about the health insurance plans. The feeling is pervasive given the number of options yet lack of awareness about choosing the right one. There are many factors involved that can complicate making the decision for you. Extent of coverage, premiums, coinsurance, deductibles and other technical terms can confuse anyone. The sections below will make things easier for you and tell you about the basics of health insurance in the United States. Health Insurance is a Must-Have First things first, you need to get health insurance. It has become mandatory with the passage of Affordable Care Act in 2010. Failing to comply may result in federal fines. The good part about the legislation is that it has opened up cheaper avenues for health coverage. Getting health insurance is also important even if there was no federal legislation involved. Healthcare is very expensive and costs of minor surgery like gallstone removal can run well into thousands of dollars. You need to have a reliable insurance cover to ward off financial woes. Group Health Insurance This type of health insurance is provided by employers. It offers varying degrees of coverage based on salary, level of employment, age and gender, among other things. Regardless of the type of coverage, you will still be able to pay your doctor’s bills and undergo minor or major surgeries and medical examinations. Private Insurance The other type of health insurance is one that you have to buy. This is called private insurance and is available with many variations. You may have to pay a small or large percentage of the total medical bills. It is this type of insurance that you need to be cognizant about if you don’t have employer coverage. Three Key Insurance Terms It is pertinent to know these terms before you venture out to buy health insurance plans. Deductibles - This is the amount you owe to healthcare providers before asking for insurance coverage Copayments – This is a fixed amount you will pay with the rest paid by the insurer Coinsurance – You will work out an arrangement with the insurer to cover all health costs Premium – The money you have to pay monthly to remain covered Types of Private Coverage Indemnity Also known as fee-for-service, this type of health insurance plan allows you to go to any doctor or healthcare center. You pay for the services and send the bill to your insurer for reimbursements. Managed Care It has three main subdivisions. Health maintenance organization: Also known as HMO, this plan calls for you to make copayments for visiting doctors and medical facilities Preferred provider organization: Also known as PPO, this insurance plans offers a list of selected doctors and healthcare facilities that will offer reduced rates. You will pay low premiums due to following the insurer’s preferred facilities. Point-of-service plan: Known as POS, this type of plan combines the HMO and PPO. You can have greater flexibility yet have to make some compromises on premiums or healthcare services. High-Deductible Health Plan Want to have a more flexible health insurance plan? HDHP will come in handy as you can build your savings towards future high-cost medical procedures. It has little to no deductibles or copayments for treatment as long as you are paying high premiums and annual deductibles.
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