How To Save Money On Health Insurance
The primary difference between HMO and the PPO plan is the HMO plan provides a select group of doctors and hospitals available to the employee.
The PPO usually allows a greater flexibility in physician and hospital choice.
The HMO plan will always be the least expensive plan available.
Normally the HMO plan will also provide the employee and family with the lowest level of deductible and co-pay options.
The reason is an insurer can contract with a specific group or individual hospital at a better price than with a larger group.
Another option is A Doctor Select Plan which sometimes is labeled a special PPO plan.
The difference between a PPO and a Doctor Select Plan is the employee can select any doctor or hospital they choose not just the physicians and hospitals within the select PPO or HMO plans.
This plan will cost the employer and employee the most.
Employee plans are very expensive and costs are escalating.
One of the main reasons an employee sponsored plan is expensive is guaranteed issue.
No employee under a group plan can be denied coverage.
Insurance companies price up the plans to cover all possible conditions and then further price the plan based upon a workup of each employee health history.
When a plan is renewed the insurer further prices the plan based upon plan experience and general cost of living increases.
Because of these constant cost increases many businesses are offering less and less options to the employee and increasing plan deductibles and co-pay programs in an effort to curtail costs.
We are also witnessing companies canceling employee coverage as costs increase.
We believe this trend will continue and more individuals will be required to buy private insurance or cover the full cost of an employee plan.
The next plan type and what this guide is all about is purchasing private coverage for you and your family and coverage for Self Employed individuals.
Most of us are not fortunate to work for a company that offers a health plan.
Or if we do we have to cover the cost of our family which as discussed above is an ever increasing cost and in many cases the coverage options even with a group plan continue to be reduced or in some cases eliminated.
If you are one of the more than 80 million that are not covered by a group plan your only options are to buy a private plan or go without.
The PPO usually allows a greater flexibility in physician and hospital choice.
The HMO plan will always be the least expensive plan available.
Normally the HMO plan will also provide the employee and family with the lowest level of deductible and co-pay options.
The reason is an insurer can contract with a specific group or individual hospital at a better price than with a larger group.
Another option is A Doctor Select Plan which sometimes is labeled a special PPO plan.
The difference between a PPO and a Doctor Select Plan is the employee can select any doctor or hospital they choose not just the physicians and hospitals within the select PPO or HMO plans.
This plan will cost the employer and employee the most.
Employee plans are very expensive and costs are escalating.
One of the main reasons an employee sponsored plan is expensive is guaranteed issue.
No employee under a group plan can be denied coverage.
Insurance companies price up the plans to cover all possible conditions and then further price the plan based upon a workup of each employee health history.
When a plan is renewed the insurer further prices the plan based upon plan experience and general cost of living increases.
Because of these constant cost increases many businesses are offering less and less options to the employee and increasing plan deductibles and co-pay programs in an effort to curtail costs.
We are also witnessing companies canceling employee coverage as costs increase.
We believe this trend will continue and more individuals will be required to buy private insurance or cover the full cost of an employee plan.
The next plan type and what this guide is all about is purchasing private coverage for you and your family and coverage for Self Employed individuals.
Most of us are not fortunate to work for a company that offers a health plan.
Or if we do we have to cover the cost of our family which as discussed above is an ever increasing cost and in many cases the coverage options even with a group plan continue to be reduced or in some cases eliminated.
If you are one of the more than 80 million that are not covered by a group plan your only options are to buy a private plan or go without.
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