Do I Need Health Insurance?
At some point in your life, you are going to need health care services. If you don’t have health insurance, those costs will be your responsibility. And with the Affordable Care Act, most Americans are required by law to carry a health insurance policy or face a penalty.
Types of Health Insurance
There are two kinds of health insurance: fee-for-service (indemnity) plans and managed care plans. Although the plans differ, they both cover an array of medical, surgical and hospital expenses.
Fee-for-Service plans assume that the health care provider will be paid a fee for each service you receive. Patients are seen by a doctor of their choice and the claim is filed by either the medical provider or the patient.
Managed Care plans provide comprehensive health services to their members and offer financial incentives to patients who use the providers in the plan.
Keep in mind that there is no one “best” plan for everyone. Some plans are better than others for your or your family’s health care needs, but no one plan will pay for all the costs associated with your medical care.
Your ability to earn a living is an important asset to you and your family. Disability insurance can help protect your paycheck if you become unable to work in the event of sudden injury or illness. There are two types of disability insurance:
Short-Term Disability (STD) policies have a waiting period of between 0-14 days and provide benefits for a period of no longer than two years.
Long-Term Disability (LTD) policies have a waiting period of several weeks to several months and can provide benefits for a few years or for the rest of your life.
Questions to Ask
Here are a few questions to consider when looking for health insurance:
- How important is your monthly payment (premium) versus how much you pay out of pocket when you visit the doctor (deductible)?
- Do you have a specific health care provider or medical facility? Is it included in the plan’s network?
- Does the plan cover any medications you may be taking or pre-existing conditions?
Since health insurance coverage options vary among providers, plans and states, its best to discuss your needs and budget directly with your insurance agent. Contact an Elite Insurance Solutions agent today!