With so many different options, deciding on the right Health Insurance can be confusing. But with the changing laws and the cost of healthcare on the rise, you can’t afford to take chances with the health of you and your family members. If an accident or illness strikes, paying high medical costs out of your own pocket can be a financial disaster. If your employer does not offer an adequate health benefit package, or you are self-employed, unemployed, retired, or a student, we can help you sort through the maze of different insurance options and find the right plan at a price you can afford.
HEALTH SAVINGS ACCOUNTS (HSA)
Health Savings Accounts (HSA) are a recent alternative to traditional health insurance plans. HSAs are basically a savings product designed to offer individuals a different way to pay for their health care. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis. Instead of paying a premium, you establish a tax-free savings account that covers your out-of-pocket medical expenses. This means that you own and control the money in your HSA. You make all decisions about how to spend the money without relying on a third party or a health insurer. You also decide what types of investments to make with the money in the account in order to make it grow. However, if you sign up for an HSA, you are generally required to buy a High Deductible Health Plan as well.
HEALTH MAINTENANCE ORGANIZATIONS (HMOS)
Health Maintenance Organizations (HMOs) offer access to an extensive network of participating physicians, hospitals and other health care professionals and facilities. You choose a primary care doctor from a list provided by the HMO and this doctor coordinates your health care. You must contact your primary care doctor to be referred to a specialist. Generally, you pay fewer out-of-pocket expenses with an HMO, but you are often charged a fee or co-payment for services such as doctor visits or prescriptions.
PREFERRED PROVIDER ORGANIZATIONS (PPO)
Preferred Provider Organizations (PPO) charge on a fee-for-service basis. The participating doctors, hospitals and health care providers are paid by the insurer on a negotiated, discounted fee schedule. Costs are lower if you use in-network healthcare services, but you have the option of going out-of-network. If you choose an out-of-network provider, you are generally required to pay the difference between what the provider charges and what the plan pays.