There are many different types of health insurance plans in the marketplace. It is our job to make the process as simple and efficient as possible. Let's explore a little bit more about health insurance.
The Marketplace
Most people historically got their health insurance from their employer. As the economy continues to struggle, more and more people are relying on the private health insurance market to get coverage. So what does that really mean? Well, insurance has become a little bit more expensive. Since most people today cannot rely on the company contribution, making decisions on health insurance has become price driven.
We are here to say you are not alone. And, their is some good news at the end of the tunnel. With our online health insurance quoting system, you will receive all the available health insurance options in California so you can make an informed decision about which plan makes the most sense for you and your family.
What Types of Plans Should I Look For?
There are way too many plans to choose from and it can become very intimidating. Let us try to break down the basics of the types of plans in California that you might come across.
- HMOs (Health Maintenance Organization). These types of plans are one of the most affordable in the marketplace. This is primarily because of the managed network structure that is in place. Individuals who have this type of coverage have to designate a primary care physician , which will be the starting point for all medical services that might be needed through out the year.
- PPOs (Preferred Provider Organization). This is also another affordable individual health insurance plan that gives people access to all health care providers within the network. Additionally, you can also go out of network and most plans will cover you for care as well. This type of health insurance is flexible and affordable.
- HSAs (Health Savings Account). The HSA is primarily used for tax-free strategies so individuals can save some extra money during tax time. Also, HSAs have high-deductible plans which are primarily used as "just-in-case" insurance, or catastrophic coverage for those unfortunate emergency events.
Understanding What Costs Are Associated With Your Plan
- Premiums. This is the monthly cost that you have to pay to maintain your individual health insurance plan. Some plans also offer quarterly payment structures as well.
- Deductibles. This is the amount of money that you are responsible for before co-insurance kicks in on your individual health insurance plan. Usually, the lower the deductible, the higher your monthly premium.
- Co-Pays. This is the amount you have to pay to visit the doctors office for routine check-ups, sore throats, etc.
- Coinsurance. This percentage is what your insurance carrier will pay after you have met your deductible. Generally, you want to pick a health insurance plan with a high coinsurance percentage so you are covered at a better rate after your deductible is met.
- Out-Of-Pocket Maximums. This is an important number. This is the most that can come out of your pocket in any one given year for your health insurance, then it resets. Health insurance plans have different amounts usually for individual versus family.
Comprehensive versus Major Medical Coverage
- Comprehensive. This type of coverage is good for people planning on visiting the doctor on a more routine basis. You should probably consider a preventative care coverage such as a PPO or HMO with a lower deductible. Your premium payments might be a little higher than you might want but you will come out ahead at the end of the year.
- Major Medical. If you a healthy and fit person, you might want to consider a high-deductible plan. These types of plans, similar to HSA plans, are meant for people that just want coverage for major events and do not visit the doctor on a routine basis.
Choosing The Right Plan For You
Their is not an easy way or a simple formula to picking the right health insurance plan. However, there are some ways to narrow your search. First, find out how much discretionary spending your household truly has. Second, look back historically and see how many times you visit the doctor, for what types of services, and much much they generally cost before any type of insurance coverage. Additionally, look at your everyday behaviors and see what adjustments you can make to live a healthier lifestyle and to hopefully stay away from those unnecessary doctor visits.
After all this, take a look at the health insurance options and compare the different plans. You can filter the results by your desired budget, deductible, out-of-pocket maximum, and type of plan. This will help you narrow the options considerably. If you still need some guidance, give us a call and we can help.
Insurance Carriers We Work With:
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