Health insurance is a type of coverage that can protect you from the entire expense of regular health care, as well as the costs of medical and surgical procedures. In exchange for paying a premium, your insurance company will cover your healthcare costs and certain types of medical procedures.
Health plans may be available from your employer, but you also have the option of purchasing your healthcare coverage privately. If you are self-employed or unemployed, you may have group insurance options through professional associations, in addition to private health insurance.
A local member agent in our network can help you compare plans, options, and quotes from multiple insurance companies and customize a plan for your unique situation. Contact us at support@MGWinsurance.com today.
Health insurance can cover various things, from your regular checkups and family care to your major medical expenses. The types of covered services will vary with different healthcare providers and plan types, so it is crucial to determine your needs before buying a specific health insurance plan.
Physician office visits are one of the most common things that health insurance covers. Other standard covered services include hospital room and board, emergency room visits, and inpatient substance abuse treatment.
Some things that you might think would be covered under a standard policy, such as chiropractic care and MRI’s, may not be; however, thanks to the passing of the Affordable Care Act, most routine preventive services are covered in full.
Some insurance policies will cover vision services and surgeries, while others will not. Special tests may not be covered, and you should not expect all services to be covered 100 percent. There usually is an out-of-pocket expense through a copay, coinsurance, or deductible.
Ensure that you know what your policy covers, whether all of your family members are covered, and how it will be paid for. For example, some health insurance policies, like HMOs (health maintenance organizations), will only cover procedures performed by certain professionals in a network.
A PPO (preferred provider organization) will allow you to choose your provider and then pay based on that provider’s preferred status.
Health insurance can help you pay for your regular healthcare costs and your major medical expenses, depending on the type of plan you choose.
You will pay a premium of some kind, based on your plan and coverage, whether you get your health insurance through your employer or privately. Depending on your type of plan, you may have copays, deductibles, and coinsurance.
Here is an overview of these costs:
- Co-payments: With a co-payment, the insurance company agrees to pay for a service, but you must cover a pre-set cost, such as $20. This cost applies every time you schedule a service with an assigned copay; copays can be lower or higher depending on the plan or according to the service provided. The Affordable Care Act mandates that most routine preventive-care procedures, such as annual physicals and routine inoculations, be covered fully without a copay.
- Deductibles: A deductible is the amount of money required to pay before your insurance begins to cover services. Usually, you will either need to meet a deductible or pay a copay amount.
- Coinsurance: Some policies may have coinsurance, which requires you to pay a certain percentage of services rendered. Your coinsurance may be an amount you pay in addition to your copay and may apply towards your deductible.
Choosing the best plan depends on your circumstances. An independent agent in our network specializing in health insurance can help you navigate the many options and find the most sensible and affordable plan for your needs.
Health insurance helps you manage your family’s care costs, including regular doctor’s visits and unexpected illnesses and injuries.
Just one serious illness or an emergency procedure can have dire consequences for your financial portfolio if you aren’t insured properly.
Health insurance coverage may seem expensive, but if you compare your premiums to the cost of surgery and other medical procedures out of pocket, there’s no question that healthcare insurance premiums are far lower in price. Also, having adequate health insurance can help you live a healthier, longer life.
These policies cover preventive care, which helps you manage your health proactively, and covered routine testing can help early detection of common conditions and diseases, such as diabetes, heart conditions, and thyroid problems, which can require much more extensive and costly care if they go untreated.
By contrast, if you are uninsured, you’re less likely to visit the doctor. The cost of a routine examination for the uninsured can be costly and can be a disincentive to take charge of your good health.
When you search for health insurance, you can look on the private market or through your state’s healthcare exchange. However, for those who are new to the process, it can be overwhelming.
Start by assessing your needs. For example, if you’re prone to illness, play high-impact sports, or have a risky profession, it may be better to have a copay plan rather than one with a high deductible.
If you have children, the most beneficial plan to you may be different from the ideal plan for someone single with no kids. If you have a favorite doctor, make sure that doctor is “in-network” if you opt for an HMO.
You also need to think about your budget and whether a plan that involves coinsurance or higher deductibles makes the most sense for you. By assessing your needs and comparing plans, you can find an affordable healthcare plan that meets your needs.
Many people don’t know where to start because the number of plans and various coverage options is very confusing. An agent who specializes in health insurance is an excellent resource.
These agents can help individuals and families to review a range of plans from different health insurance companies and choose one that will help with preventive care and major medical care at an affordable cost.
While it is not illegal to be uninsured, you will face tax penalties if you do not carry coverage. There are a few exemptions to the mandate for coverage, but you should assume that the tax penalties will apply to you.
An agent can help you understand the tax implications you will face and compare them to the costs and benefits of having insurance.
When too many people are uninsured, the result is that taxpayers must shoulder the burden of healthcare costs for those who are not able to pay for care.
One problem is that by the time uninsured individuals feel sick enough to warrant a doctor’s visit, their health conditions have frequently progressed to the point that the necessary treatments are more prolonged and expensive. These costs are often too excessive to be handled by the patient. They frequently go unpaid.
This results in higher insurance rates as hospitals raise costs for treatments to cover their losses. Healthcare reform is designed to get everyone covered, so they manage their health before health conditions get out of control and so that hospitals receive the payments they are due and can lower costs across the board.
The Affordable Care Act and its insurance requirement are designed to get as many people covered as possible so that people manage their health and avoid expensive hospital costs that could have been prevented. This, in turn, will result in lower costs for everyone, thus making it easier for you to get the health insurance you need at a price you can afford.
Furthermore, most people who purchase their coverage through their state’s healthcare exchange qualify for government subsidies, which can make their premiums even more affordable.
The health care law says that insurance companies can only take five factors into account to calculate your health insurance premiums:
- Location (where you live)
- Tobacco usage
- Individual vs. Family Enrollment
- Plan category (how much coverage you want)
A personal health insurance plan from us will help cover your medical expenses for medical, surgical and other hospital and doctor-billed expenses. Plans differ and some cover mental health, prescription drugs and dental expenses. Make sure you talk to a licensed professional at MGW Insurance Services today to select the plan that is right for you. We will explain in detail the different options such as deductibles, copays and coinsurance to ensure you choose the right plan for you and your family.