Creating Your Own Customized Health Insurance PolicyMonday, December 13th, 2010 by admin
Health insurance is one of the most important financial decisions people ever make, yet so many people do not understand what is involved in making the best decision for their families. One way you can help your family and your budget is by getting some health insurance estimates for your own customized health insurance policy. As long as you know the terminology involved in putting together a health insurance policy you will understand what is needed to insure your family.
Health insurance estimates can be obtained so fast over the Internet and phone today that it is easy to make some comparisons of policies that are available.
Just about everyone knows what a deductible is and the out-of-pocket expense when it comes to reading a policy. The confusion usually stems from not knowing the types of policies. Three of the major types of policies are Preferred Provider Organization, Health Managed Organization and Point of Service. When doing your research you may see them abbreviated as PPO,HMO and POS.
The Preferred Provider Organization has a large selections of doctors for you to choose from, and does not require that you have a primary care physician. This means as long as the specialist is in the network you may choose to set up an appointment without notifying anyone. An option like this brings more freedom to your choices. There will be a deductible and co-payments involved in this type of plan.
A Health Managed Organization is really liked by a lot of people because there is not much money paid out-of-pocket. The downside is that this type of policy does not always cover all types of health benefits and the selection of doctors is a smaller group. Co-payments are very small and there is no deductible. All health care must go through a primary care physician on this policy.
The Point of Service plan has a large selection of doctors, but a primary care physician must be used for regular checkups and for referrals to any specialist in the group. Without the referral, the insurance company will not pay the highest benefits. Besides getting the referrals there will be a deductible and co-payments to adhere to.
In creating a policy for your family, be sure to consider if your family has anyone with a chronic condition or if the family is well most of the year. Health issues can make a difference in which type of policy should work best and give you the best benefits.
Making this financial decision is very important so don't be shy about asking for help. An insurance professional will be able to help you make an informed decision that you will be happy with.