Importance of Having Health Insurance

Health insurance offers financial security in the event you have an accident or other major health problem. Having Marketplace insurance, you will have access to major preventive, medical services such as annual screenings and shots at no charge to you. Getting prescribed regular preventative services is an essential step toward good health and wellness. However, not everyone pays the same rate for health insurance, making it difficult for people to determine what plan is right for them. Insuring your health is more than just a good idea, it can be financially disastrous if you do not choose the right insurance company.

There are advantages and disadvantages to every type of health coverage, and people need to consider these important factors when deciding on a policy. Some of the most common types of insurance include PPO (Preferred Provider Organization) plans, HMO (Hazardous Medical Organization) plans, and POS (Point of Service) plans. While each type of plan has their own advantages and disadvantages, they all work under the same umbrella - providing health coverage at a low cost.

PPO plans are preferred by many because of their low cost structure. You pay a lower monthly premium than with a traditional health insurance plan. You will be able to visit any doctor you want for any procedure and you will not be required to use any hospital care. If you or one of your family members has a medical condition, your health coverage may not cover certain procedures or certain hospital stays. However, there are several advantages to this type of plan including fewer deductibles and higher co-pays.

If you have a pre-existing condition, an HMO health plan may be the best choice for you and your family. Unlike PPO plans, you will be required to visit a specific health care provider. You will be required to choose a primary care physician and receive regular health care visits from that physician. Your out-of-pocket expenses will be limited to a maximum of six hundred dollars a month. Although you will be restricted to a primary care physician, you will have more freedom in what doctors you choose to use for health care and can choose to use any healthcare provider you prefer.

Another option is a POS plan. A POS plan, also called a Preferred Provider Organization, requires you to choose a primary care physician and to get medical coverage from that physician. You can choose to go to any medical provider you prefer but you will be required to pay the full amount of deductibles and co-pays that you would pay if you had taken out a PPO insurance policy. Although you will be responsible for a higher percentage of your health coverage costs, a POS plan has the same importance to your family's financial well-being as a PPO does.

Your final option is an indemnity plan or a private health insurance plan. An indemnity plan allows you to save money on your medical bills. Each time you visit the doctor, you will be able to save a certain amount of money on your medical bill. If you visit five doctors within a year, you can save up to fifty dollars per month. However, an indemnity plan has its disadvantages.

Unlike a PPO or POS plan, an indemnity plan does not have restrictions on the doctors you can visit. You can use any doctor you choose and you can see any hospital you choose. You can even get sick without any coverage at all. A PPO or POS plan would require you to choose a primary care physician and you would be forced to choose a hospital if you were to get sick. If you stay at home to get ill instead of going to the doctor, you will have to make up any missed medical costs from work.

Regardless of the type of insurance you choose, the importance of having insurance cannot be underestimated. Most people think that they will be fine if they do not have any coverage at all. If you do not have the proper amount of insurance it could cost you a lot of money in the future. Having any type of health coverage is important for your financial well being. When choosing insurance, it is important to compare rates and policies. Once you find a policy that suits your needs you will be able to pay for it with ease.