Looking for the best health insurance plan to fit your needs? Want to know where to get the best rate, too? Here's where to find the best plan at the best rate.
What's the best health insurance plan?
It depends on what you need. Here's an overview of the most popular plans:
Fee-For-Service Plan (FFS) - This plan, also known as an indemnity plan, is best if you want a plan that pays for your doctor visits, hospital bills, prescription drugs, and will let you use choose your own doctor. With this plan you pay a monthly premium and a deductible (usually $500 to $1,500) before your insurer will start paying your claim. Your insurer will pay 80% of the total bill and you'll be responsible for the remaining 20%.
*Advantages of this plan - You get to choose your own doctors, hospitals, and specialists.
* Disadvantages of this plan - You must pay a deductible plus a percentage of your medical bills. This plan is the most expensive plan and involves the most paperwork.
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Health Maintenance Organization (HMO) - This is the best plan if you want the cheapest plan that pays for your doctor visits, hospital bills, and prescription drugs, and you don't mind having to choose your doctors and hospitals from a list of pre-approved health care providers. With these plans you pay a monthly fee, plus a co-payment (usually $5 to $10) for each doctor visit.
* Advantages of this plan - There are no deductibles, your bills are paid by your HMO, and the paperwork is minimal.
* Disadvantages of this plan - You can use only pre-approved doctors and hospitals for your health care, and you must get a referral from a pre-approved primary care physician to see a specialist.
Preferred Provider Organization (PPO) - This is the best plan if you want a plan that's cheaper than an indemnity plan and gives you options as to which doctors and hospitals you can use for your health care. If you choose a pre-approved doctor within the plan you pay less than if you choose a doctor who is not part of the plan. With these plans you pay for your medical services as they are rendered instead of pre-paying for services.
* Advantages of this plan - Premiums are cheaper than with an indemnity plan, you can see any doctor you choose, and when you see a pre-approved doctor you'll save money.
* Disadvantages of this plan - Premiums are more expensive than HMO premiums, and you may have to pay a deductible before your insurer will pay your claims.
How do I get the best rate?
Once you've figures out which plan best suits your needs, you need to do a little shopping to get the best rate. Insurance premiums can vary by hundreds of dollars from one company to the next, so I recommend going to an insurance comparison website where you can get rate quotes from a number of different companies.
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