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Health insurance is a critical safety net – not just for your health and safety but also for your finances. With everything going on in the world, a health problem might well just thrust you or your family into crisis mode.
Having health insurance might not be mandated by federal law, but it’s still better not to be caught unprepared in the case of a medical emergency.
But with all the options out there, it’s not that easy to choose. Without the right health insurance plan, you may end up paying more for coverages that you don’t need or won’t have any use for. So, how can you pick which works best for you?
Benefits of Medical Insurance
When you get sick, a health insurance plan will assume the cost of various medical needs. Essentially, having health insurance is a contract between you and the insurance provider.
You pay a certain amount of money every month in case something happens. If nothing does, the insurance company will make a profit, but if something does, you can expect help with a dollar value far more than what you paid for.
Health insurance plans will either partially or entirely pay for the hospital expenses depending on what happens to you.
That also depends on the type of health insurance plan you get because it determines the extent of the benefits you can expect. Insurance plans offer a vast array of benefits, with different configurations depending on your needs and ability to pay. That said, here’s a general overview of the benefits you can expect from a health insurance plan.
- Outpatient care. Any treatment or service that doesn’t need an overnight stay at the hospital.
- Emergency room. Expenses incurred when you are admitted to the emergency room, including triage, facility and equipment use, supplies, professional fees, etc.
- Inpatient care. This is when you get admitted into the hospital and need to stay for two or more days.
- Pre and post-natal care. Maternal care before and after giving birth.
- Psychological treatment. This includes treatment for behavioral disorders, substance abuse, and mental health problems, such as psychotherapy, counseling, and even rehabilitation.
- Prescription drugs. Any prescription drugs you take on a single or regular basis will most likely be covered.
- Physical recovery services. Services that allow you to recover from physical trauma, chronic condition, or disability, such as physical therapy, psychiatric rehabilitation, and more.
- Lab tests. Tests are conducted for preventative or diagnostic measures.
- Preventive services. This includes checks, counseling, vaccination, screening, and more.
- Pediatric services. Medical services for young children, often including dental and vision care.
There are many more health insurance plans, some even specialized to cover specific groups of people or particular illnesses. Its configuration depends on your needs, so you need to thoroughly evaluate yourself and your family before shopping around for insurance.
Types of Health Insurance Plans
There are multiple types of health insurance plans available in the market, each with advantages and disadvantages.
Before we go into the types of plans you can get, you should know that insurance plans are networks. An insurance plan is a network of services and providers that agree to give policyholders discounted or fully-paid services depending on their health insurance.
Let’s discuss the different types of health insurance plans.
Health Maintenance Organization (HMO)
Although a Health Maintenance Organization (HMO) plan is typically the most affordable type of health insurance, there is a major downside.
If your insurance is under an HMO, you can only use a network of services under the insurance provider.
You will have a ‘main’ physician, called a primary care provider (PCP). They will act as your general doctor and be the ones to refer you to services within your insurance network.
Preferred Provider Organization (PPO)
If you have a PPO plan, you’re free to select your own doctors and medical providers, whether they’re in or out of the PPO’s network.
That’s because PPOs offer you greater flexibility in exchange for higher premium rates. Although you will still get a discount because of your coverage, you will still likely pay a higher amount for out-of-network services than in-network services.
Exclusive Provider Organization (EPO)
EPOs are like HMOs, except you don’t get a PCP in an EPO. Under an EPO plan, you can get your own recommendations and referrals within the network – without having a PCP.
Unfortunately, you also don’t get any benefits outside of the network.
Point of Service Plans (POS)
This plan is a mixture between HMOs and PPOs. Under this type of insurance plan, members will need a primary physician to see a specialist, and they will also have benefits out-of-network.
A PCP can authorize the policyholder to avail of out-of-network services when needed, although it will also incur higher rates.
Health Insurance Plans for Your Family
If recent events are any indication, a comprehensive health insurance plan will become more vital to cover you and your family. When choosing a health insurance plan for your family, there are three factors that you have to consider.
- Policy type. Speak to your providers about the kind of family-friendly policies they offer, such as family floater policies or disease-specific policies, if someone in your family suffers from something.
- Coverage. Ensure that it covers your entire household and that the exclusions don’t affect your personal situations.
- Benefits. Finally, evaluate the list of benefits included and make sure it accounts for all of your family’s needs.
How to Choose a Health Insurance Plan
Now that you know the basics of a good health insurance plan, you might be wondering how to choose one for you and your family.
If you’re doing everything yourself, you will need to undergo a long evaluation process and shop around to pick the best plan for your family. Fortunately, Magnum Insurance is a reliable provider that will tell you everything you need to know.
All you have to do is:
- Make a list of your and your family’s must-have benefits
- Evaluate how much you’re willing to pay for every set period.
- Talk to Magnum Insurance about your needs
Compare Health Insurance Plans
Here at Magnum Insurance, we care about our customers first and foremost. We want to ensure that you get the best experience and value for your money.
Magnum Insurance will do a fair and thorough evaluation of your needs when comparing health insurance plans with other providers. We guarantee you can’t find a more affordable and high-quality insurance package.
Insure Your Health With Magnum Insurance
Magnum Insurance is a leading insurance agency in the Illinois and Chicago area, so you have an idea of the level of our quality. We offer all kinds of health insurance plans, such as individual health insurance, group health insurance, and even small business health insurance.
For top-notch services that will work for you and your family, all you have to do is to reach out to Magnum Insurance!
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