Figuring out the best health insurance for your particular needs can be a challenge in the ever-changing field of options and their governing laws. Regardless of your profession or age, it is important that you understand the health insurance options that are available to you. There is a wide range of plan options available from all sorts of providers. Therefore, you should make sure you choose health coverage that takes your current medical and financial situations into account.
As a result, the best individual health insurance plan you can choose will differ widely from person to person. However, there are many ways you can go about selecting the best option for you. If applicable, start your search by inquiring about the types of coverage may be available through your employer or military benefits. Then, you can do some comparative research to see which other options might be available to you.
1. Finding the Best Health Insurance Companies to Serve You
In order to determine what is the best health insurance company for you, you need to examine your medical history and lifestyle. With this information, you can ask direct questions to potential providers. This way, you can learn if the services you need are covered by a particular plan. For instance, if you currently have chronic medical conditions, such as asthma or diabetes, you might check and compare how providers handle this type of coverage.
Due to finances or personal circumstances, you may consider foregoing any type of health insurance. While this option can save you money each month, it is important that you recognize that this is a risky choice. If you encounter any health care emergencies during the year when you do not have insurance, you are responsible for paying all costs out of pocket. Make sure to take this into consideration when you are deciding to enroll in a plan or not.
2. Exploring the Best Health Insurance Options for You
Finding the best individual health insurance may seem like an overwhelming task. This is because there are many different factors you must consider when choosing your plan. For example, you may need to make a decision based on your monthly budget, future goals or current health.
In any case, there are several basic plan types you should familiarize yourself with. The following are the most common types of good health insurance plans you can purchase:
- Preferred Provider Organization (PPO) – This type of health insurance offers service through a network of contracted providers who offer services for discounted rates. If you like having the option to choose your provider, a PPO might work best for you. This type of plan gives you one of the widest ranges of potential providers you can choose from, and you generally do not need to designate a primary care physician. However, keep in mind that you will need to pay extra if you use an out-of-network doctor.
- Health Maintenance Organization (HMO) – Many consider an HMO to be the best health insurance plan all around because this type of plan generally comes with less upfront expense. An HMO usually gives you a more limited amount of providers you can choose from. However, you may have access to a broader amount of preventative services. Furthermore, these plans do require you to choose a Primary Care Physician (PCP) and to obtain a referral from the PCP for any specialist services that you may need.
- Point of Service (POS) – This may be the best individual health insurance for you if you want aspects of both an HMO and a PPO. POS plans generally require you to select a PCP, who can then refer you to specialists when you need them. However, like a PPO, you may be subject to less coverage and have a deductible.
- Exclusive Provider Organizations (EPOs) – EPOS plans are a good health insurance option if you are looking for low copayments. With a smaller amount of providers to choose from, EPOS plans require you to choose a PCP who will refer you to specialists within the same network when the need arises.
- Indemnity Plans – This type of option aims largely at policyholders who may have predetermined expenditure needs that are considered above average or excessive. An indemnity plan generally requires you to pay for your medical services as you receive them and then file paperwork to be reimbursed.
Nearly all of the best health insurance companies have an established enrollment period in which you must complete and submit your coverage choices. However, you may be eligible to apply during a special enrollment periods if you have a qualifying condition. Examples of qualifying conditions for special enrollment would be life events such as marriage, the birth of a baby, the death of a family member or divorce.
3. What are the best short term health insurance options?
Most often, good short term health insurance plans are for individuals who cannot access traditional health care options. Usually, these plans are for individuals who need to obtain coverage outside of a traditional enrollment period. These types of plans can typically be bought for time periods that range from three months to one year. If you need coverage to see a certain doctor you are fond of or if you are between jobs, a short term plan may be best for you.
Furthermore, the best short term health insurance plans represent an affordable way for many middle-class families and others to access some degree of health care coverage. Coverage and deductible limits vary widely with these plans, and many of them do offer options to renew when the initial period of coverage runs out. Consider a short term health insurance plan best if you are unsure of your job, housing or other life status for a period of time between other policies.