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Affordable Health Insurance in Rhode Island

Health insurance in Rhode Island has seen a number of changes brought about due mostly to the implementation of the Affordable Care Act. While individuals and families need to take a more proactive approach to healthcare, one thing remains consistent. Health insurance in Rhode Island will remain a necessity for everyone. We would all like to go through life never getting sick or injuring oneself but we know at some point all of us will be sick or injured and in need of some form of medical attention. The one problem we all face is not knowing how bad our illness or injury will be. This is where a quality Rhode Island health insurance plan comes in. What do you do if your employer doesn’t provide insurance and you need to get coverage on your own? Are your children about to be 26 or older and about to be kicked off your health insurance coverage? Could be that you’re a student who is too old to be covered by your parents plan any longer? Maybe you are a small business owner in Rhode Island wanting to provide yourself and your employees with a quality medical insurance option. Instantly get matched with companies who offer some of the most affordable Rhode Island health plans currently available online. Regardless of the type of coverage or amount of deductible you are looking for one thing is certain; having the best health insurance possible is not an option it is a necessity.

Key Health Insurance Terms

Health insurance is simply a legal contract between an insurance company and a business or individual. This policy, depending on the terms of the contract, can be renewed annually or monthly. Spelled out in advance will be the types of health care costs that are covered. When researching your Rhode Island medical insurance options some of the terms you will want to concern yourself with include:

  • Premium: An insurance premium is the cost paid to the Rhode Island 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 Rhode Island 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 Rhode Island health plans.
  • Coinsurance: Coinsurance is where the Rhode Island 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 Rhode Island 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 Rhode Island health insurance plans may have annual and/or life time limits. While the Affordable Care Act has stopped insurance companies from placing yearly or lifetime coverage limits on new policies, Rhode Island insurance companies may have grandfathered policies that still have 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.

Type of Health Insurance in Rhode Island

There are many different types of Rhode Island health insurance but most will 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 Rhode Island Health Insurance Plan

If you are like many individuals who have a health insurance plan you may have seen a steady rise in your rates over the years. The cost of insurance has increased dramatically over the past few years and it is more important than ever to make sure you have the best coverage and the lowest price possible. Get instantly matched with affordable Rhode Island health insurance companies ready to provide cheap rate quotes on individual, family, student and group health insurance plans today. Buying affordable health insurance coverage has never been easier. Lowering your current rate just a few dollars a month could mean big savings each year. Compare Rhode Island health insurance quotes online today and see how much you can save.

Rhode Island Health Insurance Professionals:

1350 Division Rd Warwick RI 2818
(401) 558-0101
1107 Pontiac Ave Cranston RI 2920
(401) 234-4169
1013 Reservoir Ave Cranston RI 2910
(401) 946-0910
1 Rolfe Sq Cranston RI 02910
(401) 424-4041
1020 Park Ave, Ste 210 Cranston RI 2910
(401) 943-0550

Search for Rhode Island Health Insurance Companies

Ashaway Exeter Middletown Scituate
Barrington Foster Misquamicut Smithfield
Bradford Foster Center Narragansett South Kingstown
Bristol Glocester Narragansett Pier Tiverton
Burrillville Greene New Shoreham Valley Falls
Carolina Greenville Newport Wakefield-Peacedale
Central Falls Harmony Newport East Warren
Charlestown Harrisville North Kingstown Warwick
Chepachet Hope Valley North Providence Weekapaug
Clayville Hopkinton North Smithfield West Greenwich
Coventry Jamestown Pascoag West Warwick
Cranston Johnston Pawtucket Westerly
Cumberland Kingston Portsmouth Woonsocket
Cumberland Hill Lincoln Providence Wyoming
East Greenwich Little Compton Quonochontaug
East Providence Melville Richmond

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