Health

These days, a single hospital stay can wipe out your savings (and more), so there are not very many people who can afford to go without some kind of health insurance – even if they’re healthy. Not only will health insurance protect you from bankruptcy in the event of a major medical event, it also gives you peace of mind.

Your Van Beurden Insurance Sales Associate offers a wide range of health insurance plans, and can help you arrive at the affordable solution that is best for you and your family. While most plans will not cover all costs associated with medical care, some cover more than others. Here are some of the differences between plans:

Fee-for-Service (Indemnity) Plans

Through this traditional plan, you can see almost any medical provider. After your visit, you or your provider sends your claim to the insurance company. If you have met your deductible for the year, then the Fee-for-Service plan will pay a percentage of the bill – known as coinsurance.

Managed Care

This is a type of health insurance plan that provides health care services at a lower cost. The key to lower costs is that users of managed care plans must adhere to certain rules designed to lower the cost of medical care.

Health Maintenance Organizations (or HMOs)

With an HMO, you receive a range of health benefits for a set fee. Generally, there are no deductibles – but most plans require a copay per office visit. You must choose a primary care physician from the plan’s list. This doctor becomes your “gatekeeper” for all your medical needs. This is the doctor you call or see when you are sick, and he or she will refer you to a specialist or other providers within the HMO network. With most HMOs you will not receive benefits if you go out-of-network, except for emergency care.

Preferred Provider Organization (PPO)

In this system, you may seek treatment from an approved network of providers, or may see other providers outside the network. Usually, you will pay a copay and satisfy a deductible before benefits are paid. Then you’ll pay a set coinsurance amount. If you go outside of plan’s list of providers, your share of the bill will be higher.

Point of Service (POS)

A hybrid of the HMO and PPO is known as a POS plan. Like a standard HMO, your primary care doctors make referrals to other providers within the plan. But if you want to go to a physician outside the network without consulting your primary care doctor, the POS plan will pay a predetermined amount of the bill and your share of the bill will be higher than it would if you stay in-network.

Health Savings Accounts

Health Savings Accounts (HSAs) are a new way for Americans to pay for their healthcare. Like an IRA, the money you deposit into an HSA is completely tax-deductible. These accounts, however, can be accessed whenever you need them to pay for qualified healthcare expenses. In the meantime, your money earns tax-free interest for future medical costs.

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