Choosing a Health Insurance Coverage Plan

Choosing a Health Insurance Coverage Plan

Choosing a health insurance coverage plan can be a confusing and time consuming process.  Coverage and quotes can differ from company to company, but there are many great health insurance policies available to Americans, you just have to look carefully to find them.

The first point to consider when evaluating health insurance coverage policies is the type of coverage you and your family require.  There are two levels of coverage: basic and major (or catastrophic) coverage.  Generally speaking, it isn’t the run-of-the-mill doctor bills that could eat up your life savings, but a serious accident or illness that could financially ruin a family.  Therefore, most insurance agents recommend that you make sure your health insurance policy incorporates both basic and major coverage. 

Basic healthcare insurance covers normal doctor’s expenses, basic hospital and basic surgical expenses.  Catastrophic insurance includes the previously listed items, plus a myriad of other services including (but not limited to): services of nurses; anesthesiologists; surgeons; ambulance fees; lab fees; radiology fees; x-rays; blood/plasma; oxygen; drugs; home care; therapy and much more. 

When considering health insurance coverage, one should also think about what type of managed healthcare system they prefer; HMO (Health Maintenance Organization) or PPO (Preferred Provider Organization).  Most insurance companies offer HMO’s and PPO’s on both group and individual insurance policies.  For more information on HMO’s and PPO’s, see the related articles “What is an HMO?” and “What is a PPO?” on the Ask Mr. Health Insurance website. 

The second most important issue regarding a health insurance coverage policy is cost.  Premiums and deductibles will determine the level of coverage you can afford, and depending on your health status and finances, it may save you money to pay a lower premium/higher deductible.  Careful calculation of each plan will ascertain the exact cost-savings for each level of coverage.  Co-payments, out-of-pocket maximums and lifetime benefit ceilings should also play an important role in your insurance decision, as they can affect your assets should a catastrophic event occur. 

You might want to get some health insurance quotes from to get an idea of price range and benefits for many different health insurance provider companies. Before committing to any policy, be sure to research thoroughly and ask questions before signing anything.  And remember: if a deal looks too good to be true, it probably is.

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