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Affordable Health Insurance Plan

As expensive as some medical bills can cost in today’s world, the need for a quality health insurance plan is paramount. Of course, that doesn’t mean that it should stop someone from shopping around for a good deal. With a wide range of providers offering coverage for single, family, small business, and group plans, there is a good chance you can find a plan to fit your budget no matter what state you reside in.

A good health insurance plan should involve the provider paying for medical costs when the insured person becomes sick or has an accident. There are three basic types of health insurance including two main types of government-funded insurance.

Medicare is a U.S. health insurance program available to people over 65 or people who have certain disabilities or kidney problems. Another kind of government-funded insurance program is Medicaid, which caters mainly to individuals and families with very low incomes.

The three main types of health insurance include:

• Basic medical insurance, which will often cover hospital fees up to a set amount
• Major insurance, which will give coverage after a deductible amount is reached
• Comprehensive insurance, which is a combination of basic and major insurance in which visits to the doctor and hospital fees are covered.

Of those three types of insurance, there is another subset of types of insurance. These include indemnity, Health Maintenance Organizations (HMOs), and Preferred Provider Organizations (PPOs).

Indemnity plans offer the most freedom of any of the plans, but also with some risk. While these plans allow a person to pick their own doctor wherever they choose, they can also prove expensive if you use the policy a lot and also time-consuming. Sometimes these plans call for the insured to pay for the costs and then be reimbursed.

HMOs only require that a person make one monthly payment and then doctors' visits and prescriptions will only be billed in a co-pay of about $15 out of pocket. However, one drawback of HMOs is that they do not allow people to pick any doctor they like. HMOs draw from a specified pool of medical centers, thus making it hard for someone to see a specialist if their HMO doctor doesn't deem it necessary.

PPOs are essentially a combination of indemnity plans and HMOs. While there is usually a pool of medical centers to choose from, the insured has the option to go outside of that, but usually with a higher deductible and co-pay.

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