The term “health insurance” encompasses several different products. When looking for health insurance, you may have some idea of what you are looking for, such as hospital coverage, dental coverage, etc., but there are so many different products available for you to supplement your basic health coverage.
That is why you want to carefully evaluate your needs and budget to ensure that you get the coverage you truly need. What kind of health insurance products should you consider?
A medical plan is the foundation of your health insurance. These come with differing deductibles, as well as differing coverage levels, depending upon what plan that you choose. Some may have copays for doctor’s visits, while others may only pay a percentage. Certain plans will have a $500 deductible, while a high deductible health plan may have a deductible of $2500 or even more.
Evaluating the coverage and the deductible of both individual health insurance plans and health insurance plans for family is essential to ensure that you get an affordable health insurance plan for your needs.
Taking care of your teeth is essential to your whole body health. Gum disease can be a symptom or sign of underlying medical conditions, which is why you want to be sure that you take care of your teeth. Dental insurance covers prevention, early diagnosis, and treatment, after your deductible. Some will also cover a portion of orthodontia.
Most dental insurance plans have different levels of coverage, depending upon the amount that you want to spend each month, the number of people that you are covering, and whether you want to use your current dentist or only the ones that are preferred. Some of the major dental insurance carriers that offer the best plans are Cigna, Humana, UnitedHealthcare, Delta Dental and Guardian Direct.
American pay around $360 a year on a dental insurance plan. This can range from $15-$50 per month depending on their location and coverage.
A vision insurance plan can help cover some of the exam costs, as well as glass or contact costs, to allow you to keep your eyes as healthy as possible. A typical plan will have a co-pay for your eye exam and will offer a discount on your glasses or contacts; however, some plans will cover contacts or glasses up to a certain amount one time per year.
By looking at the coverage details carefully, you can ensure that you understand what is covered and what to expect. Vision insurance plans start at around the $20 a month mark and major vision insurance carriers include EyeMed, VSP Direct, UnitedHealthcare and Eye Benefits.
These will vary widely, depending upon the carrier. From mail order drug coverage to pharmacy coverage, your prescription plan can offer you a couple of options to save money on those medications that you take on a regular basis or those that you take for short term illnesses.
For many prescription plans, drugs are classified into several levels and, depending upon which level the medication is classified in, you pay a certain co-pay. Looking at their drug lists before you choose a plan can allow you to see where your maintenance medications fall and how much you may owe to have them filled. This can be very informative to allow you to choose a prescription health insurance product.
Health Spending Plans
A health spending account comes in several different types, including a health spending account (HSA), flexible spending account (FSA), or Personal Care Account (PCA). Each of these accounts allows for you to have money put into this specialized account from your paycheck to pay health expenses, such as doctor’s bills, dental care, and prescription care that your policy doesn’t cover.
Most of the time, this money is taken pre-tax, which is much better for you financially. Depending upon the plan, you may have to pay and then be reimbursed or you may have a sort of debit card that you can use to pay these expenses and the money is taken out of your health account.
This type of health insurance product is normally lumped into your health plan and can be added as a supplement to what you have. This type of plan offers you financial compensation to cover your normal income if you have to take time off of work due to illness or injury.
Short-term disability pays a percentage of your salary for up to 3 months, depending upon your plan. Long-term disability also pays a portion of your salary after your short-term disability ends. Both of these can be purchased alone or together, depending upon your needs and how much you want to spend per premium period.
A long-term disability plan will cost up to 3% of your annual salary with coverage ranging from $25 per month all the way up to $500. Some of the major disability carriers include Breeze, Ameritas, Assurity and Guardian Life.
A life insurance plan is largely for those who are left behind in the event of your death. While this type of insurance is not something that anyone wants to consider, it is a fact of life that you need to consider when you are looking at your health benefits package.
There are different levels of life insurance that you can choose from, depending upon your needs and how much you want to spend. While you may think that you want the most coverage possible, you want to evaluate the costs to ensure that it is feasible for your budget with your other health insurance products.
Two types of life insurance are largely available, whole and term life. A whole life policy operates much like a savings account of sorts, and when you have paid enough into the account, the interest could pay your premiums. It can be borrowed from as well and will not be cancelled unless you request it or pass away.
A term life policy is normally offered by an employer and is only good for the period of time that you are employed. If you leave the employer, any money paid into the plan is lost. As you can see, health insurance encompasses many different products. Term life policies range from $568 per year for a 10 year policy to $1,500 for a 30 year policy.
By evaluating all of the different offerings, you can determine which plans are right for you and determine how much they will cost. You may have to pick and choose, or compromise on a plan to get what you need at a price that you can afford, but you can find an insurance benefit plan that will help take care of some of those medical costs.
Take the time to research and you are sure to find suitable individual health insurance plans and health insurance plans for family.