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A Price on Your Health: Lowered by New Medical Insurance Rates
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The problem of health insurance, the growing number of people who remain uninsured are the probably just a two of the reasons for the rise of many insurance companies and insurance plans in the market. In an attempt to address the need for insurance coverage of the lower-income individuals in the United States, a bevy of insurance companies have started offering lower insurance plans and premiums.
Studies reveal that uninsured individuals are high among families with an income of $20,000 and less. Likewise, the rising number of the uninsured was also found to have come from moderate and middle-class families. It was also found that many of the common health and insurance-related problems have something to do with medical bills, access to needed health care, utilization of routine preventive care, and the management of chronic conditions.
One of the more traditional types of health coverage is the fee-for-service plans which allow you freedom to choose your doctor, the hospital, the clinic and other health care providers. However, it involves more out-of-the-pocket expenses and higher premiums. There’s usually a $200 deductible which you have to pay first before your insurance company starts paying 50-80% of the bill. Most of the time, Sometimes, you’d have to pay the full bill and submit it for reimbursement.
The other option is through managed care which involves a partnership between the insurance company and a network of doctors, hospitals and health care providers. In this case, the individual covered by the company’s plans is expected to avail of the services of their partner doctors and health care providers or they can choose to go out of the network, but with certain conditions.
A modification of the managed care is the Preferred Provider Organization wherein an individual can consult with non-network doctors and/or health providers. They pay the bill and the company gives an 80% reimbursement.
Another option is to go for the Point-of-Service plan wherein the company recommends you to a Primary Care Physician (PCP). In case the PCP refers you to a doctor or specialist outside the network, the company pays for most of the cost. Of course, you can still select from among the doctors in the network.
Health Maintenance Organizations are the least expensive but the least flexible too. HMOs require its clients to consult with their approved or recommended doctors and specialists, otherwise, the company wouldn’t cover any of the expenses.
As of January 2004, medical insurance rates and contributions are the following:
For employees of a yearly income of $26,000 and less, single contribution is $6,000 per paycheck for biweekly deductions and $13,000 for monthly deductions. Family coverage is $88.62 for biweekly deductions and $192.00 per paycheck for the monthly.
For employees with an annual income of $26,000 and more, singe coverage is at $12.00 per pacycheck (biweekly deductions) and $26.00 for the monthly deductions. Family coverage is $101.54 (biweekly) and $220.00 (monthly).
With the many possible choices, it is up to the individual to choose which one suit him best. He can even choose from supplemental to short-term to group to individual long term health care plans. Somehow, there’s one that’s just right for his budget and his needs. With the many insurance companies in the market, there’s one that can provide you the kind of insurance plan you need. In the end, what matters is that you’re secure, safe, healthy and insured.
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