HEALTH INSURANCEHealth Insurance is a policy that will pay specific sums for medical expenses or treatments. Health insurance comes in various forms, providing some form of coverage for major medical expenses.
Medical and Hospital Coverage
Major Medical Expense:Pays the cost of hospital bills and medical bills, both in and out of the hospital. You pay any appropriate copayments and deductibles. The policy covers only the eligible expense.
Managed Care:Pays medical and hospital expenses as long as you use the company's doctors and facilities. Covers basic care which is often not included in major medical coverage. An example: Health Insuring Corporations (HICs), which include Health Maintenance Organizations (HMOs). Managed care is also offered by Participating Provider Organizations (PPOs).
Hospital-Surgical:Pays only expenses directly related to hospitalization. Usually covers room & board plus doctors' charges.
Short Term:Coverage that lasts for only a specified length of time. For example, you might buy a six-month term policy with major medical coverage for the month that you are between jobs. Does not cover pre-existing conditions.
Catastrophic:Has high limits but pays only after you have paid a hefty part of your own medical expenses. May have deductibles of $2,500 or more.
Limited Purpose Coverage
Accident Only:Pays only when you are treated for accidental injury or if an accident causes death.
Disability Income:Pays a fixed amount for a specified period of time when you are unable to work because of accident or illness.
Hospital Indemnity:Pays a flat amount (such as $100 per day) when you are hospitalized.
Long-Term Care: Long-Term Care pays to take care of you for an extended time in a nursing home or your own home.
Medicare Supplement:Pays some medical expenses not paid by Medicare.
Special Need:Pays for health care not covered by typical major medical policies (for example, dental or vision care).
Specific disease:Pays only when you get a disease specifically named in the policy (such as cancer).
Home health care:Pays for health care delivered to you in your home.
WHAT HEALTH INSURANCE COVERAGE DO I NEED?
Compare the monthly premium as well as the out-of-pocket expenses such as deductibles, coinsurance and copayments of different health insurance
plans. Search for the health insurance plan that offers the benefits you and your family will want. Think about you and your family's health care needs and choose a health insurance company that best covers the services
needed most. Try to estimate your needs for prescription drugs, well-child care and mental health services.
COMPARISON SHOP ONLINE FOR HEALTH INSURANCE
Rates for health insurance can vary by hundreds of dollars, so it pays to shop around. You can compare hundreds of health insurance companies' rates conveniently on the internet.
Once you've completed your online comparison of several health insurance providers, eliminate the insurers that do not meet you or your family's basic requirements. Then, choose the insurer that offers the features most important to you, as well as the best rates.
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HEALTH INSURANCE
QUOTES ONLINE
The Web has greatly affected the insurance industry, making health insurance shopping much more efficient by giving the consumer more choices than what could be found in local phone books.
Consumers are now linked directly to hundreds of health insurance companies via the Internet, making the tasks of obtaining health insurance rate quotes faster and easier.
Increasingly, smart shoppers are obtaining health insurance quotes from the insurance company's website, and even applying online to purchase insurance policies.
Comparing health insurance quotes online gives the consumer an easier and faster way to select a policy at the best price, 24 hours a day, 7 days a week.
HEALTH INSURANCE FYI
- Health Insurance covers you individually. Your policy may also include members of your family.
- Health Insurance premiums are regulated by your state's Department of Insurance. Rates can be increased only if the Department approves an increase for everyone with the same kind of policy.
- Health Insurance policies must include specific minimum benefits.
- Health Insurance can't be cancelled as long as you keep paying premiums unless you have made false statements on your application or filed fraudulent claims.
- Cover more but cost less than individual policies
- Have more generous benefits
- Cannot reject applications because of poor health
HEALTH INSURANCE TERMS
BINDER -
A temporary agreement which provides coverage until a health insurance policy can be written or delivered.
CANCELLATION -
The termination of health insurance coverage during the policy period. Flat cancellation is the cancellation of a health policy as of its effective date, without any premium charge.
DISABILITY INSURANCE -
Health insurance that provides income payments to the insured wage earner when income is interrupted or terminated because of disability from illness, sickness, or accident. Go to the Disability Insurance page for more info.
EXCLUSION -
Certain causes and conditions, which are not covered. Exclusions will be listed in the health insurance policy.
HEALTH INSURANCE -
A policy that will pay specified sums for medical expenses or treatments. Health insurance policies offer many options and vary in coverage.
INSURER -
The health insurance company.
LIMIT -
Maximum amount a health insurance policy will pay either overall or under a particular coverage.
POLICY -
The written contract of health insurance.
PREMIUM -
The amount of money insurers charges for health insurance coverage.
QUOTE -
An estimate of the cost of an insurance policy, based on information given to the health insurance company by the applicant.
RIDER -
Also known as an endorsement, a rider is an amendment to a health insurance policy that is used to add or delete coverage.
UNDERWRITING -
The process of qualifying applicants for insurance and rating them according to their level of insurability so that the correct premium rates may be charged.
The health insurance company you select should offer both fair prices and excellent service. Quality service may cost a bit more, but provides added conveniences, so compare a number of insurers to get a feeling for the quality of their service. Check for any special discount programs theses health insurance companies might offer to lower your costs. Get at least four or five competitor's rate quotes before making a decision.
HEALTH INSURANCE QUOTES FOR:Alaska | Alabama | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Washington DC | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | New York | North healtholina | North Dakota | Ohio | Oklahoma | Oregon | Pennsylvania | Rhode Island | South healtholina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming
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