Choosing senior health insurance can be a daunting task because of the number of options available.
If you are feeling overwhelmed by the choices available, learning more about senior health insurance can help.
Understanding what you are looking at will help you choose the right plan for you and your family.
Preparing For Your Search
Before you start looking at different insurance plans, there are a few considerations that you need to look at. These considerations will help you narrow down the options available and choose the best plan for your needs. The first consideration will be the budget that you have for your health care.
Thinking about the amount you can spend on health care will help you determine which plans you can afford. You should consider how much you can afford per month as well as the potential deductibles. The higher the deductible, the lower your monthly premium but you have to be careful and ensure you will be able to afford the deductible when the time comes.
You also need to consider the pre-existing conditions that you have. There are certain medical conditions which make it harder to get health insurance and you need to consider this. There are also certain health conditions which increase the premiums that you face and you need to be aware of this.
If you are over 65, you should also consider if you want more than Medicare. The federal senior health plan will help you pay hospital bills and cover medical treatments. However, you might want to consider a supplementary senior health insurance policy to help with any expenses Medicare does not cover. A private senior health insurance broker can help you with a supplemental policy as well as initiate the medicare process or help you make changes to your current plan.
The Types Of Plans And Providers
Once you have prepared for your health insurance search, you need to know about the different plans and providers. This will help you determine which network you should be using and narrow down your options. Most people belong to managed care plans as you will have lower co-payments.
The first plan type you should know about is the health maintenance organizations or HMOs. These plans will require you to get all of your medical care from providers that are part of the HMO network. The only exception to this will be when there is a medical emergency.
Another type of plan will be the preferred provider organizations or PPOs. When you get these plans, you will be able to choose the hospital and doctor you use outside of your network. However, you will generally have to pay a higher co-payment as well as deductible with these plans.
The last type of plan and provider will be the point of service organizations or POS. When you have this plan, your primary care doctor will manage all of your care. You will be able to choose the hospital and doctor outside of your network, but you do have to pay more for the service that you get.
Terminology To Know
When you look at health insurance, you will be faced with a lot of terminology that you need to know about. This will ensure that you know exactly what you are getting and all of the costs that come with the plan. If you do not understand the terminology, you could misunderstand what the policy offers you.
The first term to understand is the co-payment which is the fixed amount that you have to pay for certain services. This will be outlined in the policy and will always be part if your health insurance. An example of this will be paying $15 to visit a doctor.
Another term is the deductible which is the fixed amount that you have to pay for medical services before the plan starts paying. The amount will vary depending on the plan and the provider that you work with. An example of this will be you having to pay $200 in hospital bills before the insurance starts to pay.
The maximum plan dollar limit is another term to know about. This is the maximum amount that your insurance will pay out during a year of coverage. When looking at this, you also need to be aware of the lifetime limit which is the maximum amount the plan will payout during your life and this is often set to $1 million.