Health Insurance Quote

No one plans on getting sick or hurt but most of us will at some point in our life. The only problem is we never know when and how bad the accident or illness will be. That is where quality health insurance comes into play. No matter if you are a self-employed single female looking for a cheap health plan or a family of five in need of a more comprehensive insurance option, EZRateQuotes.com can instantly match you with companies with some of the most affordable health plans available online today. So if your college bound child is in need of a student health plan or your small business needs to find a low cost group health insurance option, our online search engine can find an affordable insurer that will meet your need.

Keys Health Insurance Terms

To start off health insurance is a legal contract between an insurance company and a business or individual. Depending on the terms of the contract, the policy can be renewed annually or monthly. The types of health care costs covered and the amount of coverage a person can receive is spelled out in advance. Some of the terms you will want to be concerned with include:

• Premium: An insurance premium is the cost paid to the insurance company in order to purchase the health coverage. This is usually paid monthly but in some cases could be paid annually.
• Deductible: A deductible is the dollar amount an insured would have to pay out of pocket before the health insurer start to pay their share of the costs. An example of this could be a $200 annual deductible where before an insurance company starts to pay for any services; the policy holder would have to pay the $200 deductible first. Typically a higher deductible will lower the premium needed to pay on a health insurance policy.
• Co-payment: A co-payment in a health insurance plan is the amount of money an insured has to pay out of pocket for a specific service. $35 co-pay for a doctor’s visit or $15 co-pay for a drug prescription are two examples of co-pays common on most health plans.
• Coinsurance: Coinsurance is where the insurance company and insured each pay a percentage of the medical costs. This may be with or without a co-payment in the beginning. An example of this might be an 80/20 plan in which the insured pays 20% of the cost and the insurance company pays the remaining 80%. In many cases there is an annual maximum out of pocket limit to protect the insured from large costs due to a catastrophic illness.
• Exclusions: An exclusion is when a service or treatment is not included in the health plan. In cases of an illness that is excluded from coverage the insured is typically expected to pay for the full cost of the medical services. For this reason, it is very important to make sure you understand what if anything is excluded from your coverage.
• Coverage Limits: Some health insurance plans may have annual and/or life time limits. This has been a hot topic in congress for some time and over time many businesses have removed the coverage limits from the plans they offer their employees. However, many insurance companies place these coverage limits on individual and self employed health plans so make sure you know what if any coverage limits exist with your current or new insurance.

Types of Health Insurance

While there are many different type of health insurance options many fall into one of three types:

• HMO’s (Health Maintenance Organization): HMO’s are a form of managed care organization that covers medical services and treatments done by those doctors and other medical professionals that have agreed to treat the patients following the HMO’s guidelines and restrictions in exchange for the increased customer referral base. Most HMO’s require the policy holder or member to pick a primary care physician. This doctor, usually someone like a family doctor, acts as a gatekeeper to specialists and other doctors. In order to see a specialist the member would be required to get a referral from their primary care doctor. Open access HMO’s are a form of insurance that does no require the use of a gatekeeper but this freedom of choice comes at a cost usually in the form of higher co-payments or coinsurance.
• PPO’s (Preferred Provider Organizations): A PPO is a form of managed care organization in which doctors groups, hospitals and other health care professionals contract with an insurer or third part administrator to provide their customers with services at a reduced rate. The preferred providers enjoy increased business since the PPO’s members will use only those participating providers and the PPO is able to negotiate reduced fees well below what would normally be charged.
• POS’s (Point of Service Plans): A POS plan combine characteristics of HMO and PPO plans together. When you enroll in a POS plan you will be required to choose a primary care physician that will be responsible for monitoring your health. This doctor must be an in network physician and then become your point of service. Your POS doctor has the ability to refer you outside the network for care but only a part of the treatment would be covered.

Find a Cheap Health Insurance Plan

Has the rate on your health insurance plan gone up over this past year? If you are like many others the answer is yes. With the cost of insurance increasing dramatically over the past few year it is more important now than even to make sure your have the best health coverage at the lowest possible price. Get instantly matched with affordable health insurance companies ready to provide cheap rate quotes on individual, family, student and group health insurance plans today. Buying affordable health insurance has never been easier. Lowering your rate just a little could mean saving hundreds of dollars each year so what are you waiting for?

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