In part one of this health insurance comparison article, we discussed HMOs, PPOs, and POS policies. However, the spectrum of health insurance policies doesn’t end there. If you qualify for them, Medicare and Medicaid are both good quality insurance programs run by the federal government that you might want to consider.

*Medicare-Medicare was signed into action by President Lyndon B. Johnson in 1965. It’s a government-sponsored, single payer program that’s available to Americans age 65 and older, as well as disabled Americans who are younger than 65 and also drawing Social Security disability payments. You pay into the system through payroll deductions for as long as you’re working (these deductions are mandatory). Once you hit 65 years of age, you are automatically signed up for the program. If you are disabled, you can draw Medicare as soon as you’ve been getting disability payments for a year.

Medicare has 3 main parts-Part A, Part B, and Part D.  Part A covers hospitalization, and is automatically given to everyone who gets Medicare. Part B covers doctor visits and lab tests, and requires a small monthly premium to be taken out of your Social Security check to get.  Part B is voluntary, so you have to opt into it. Part D covers prescriptions, is also voluntary, and also requires a small monthly premium payment.

*Medicaid-Medicaid is a joint program that’s handled by both the federal government and the states. Each state handles its own Medicaid program, and is given funds toward its operation by the federal government. Medicaid is for low-income people of any age, including children, and you qualify for it entirely based on income. You’re free to go to any doctor who accepts Medicaid, though finding one may be difficult. In many cases, Medicaid recipients end up going to state and county-run clinics for treatment. However, there are no premiums to pay with Medicaid, which makes it a popular option for elderly people, who often sell all their assets so they qualify for Medicaid for nursing home purposes.

We hope this health insurance comparison helped you decide which policy is right for you, and also helped you understand the differences in each type of coverage. Health insurance can often be a confusing thing, and it’s a complicated road to navigate. Once you’ve got the right coverage, though, it will make a huge difference in your family’s lives. If you don’t have coverage now, get it soon, because you never know when you’re going to need it.

This is the second installment in our health insurance series. Be sure to check back for updates…

A health insurance comparison will help you know what the best policy is for you to buy. Health insurance is a hot topic on everyone’s minds nowadays. If you don’t have it, you want it, because medical expenses are so high. If you DO have it, you want to be sure you’re getting the best deal. Employers are raising insurance premiums for employees each day, making health coverage out of reach for many people who are employed full-time. If you have to self-insure, it gets even MORE expensive. So how can you be sure you’re getting the most bang for your insurance buck?  

The following health insurance comparison should help you make an informed decision in covering your family’s medical expense needs. Here are the top 5 types of health insurance, and what each one can do for you:

HMOs-HMO stands for Health Maintenance Organization. HMOs are one of the most common employer-provided insurance policies. In an HMO, all of your medical care is coordinated by your primary care physician. If you need to see a specialist, your primary physician must write you a referral, or the HMO won’t pay for it. This greatly restricts your freedom in getting appropriate medical care, since each new specialist you see requires a trip to the primary care doctor first. However, the lack of flexibility is made up for in the ultra-low premiums this type of policy generally offers.

 PPOs-PPO stands for Preferred Provider Organization. This is the second most popular type of insurance policy. In a PPO, you don’t need a referral from a primary care physician to see a specialist. In fact, you’re free to see any doctor you want at any time. However, PPOs maintain a network of their “preferred physicians,” and you pay a significantly smaller co-pay if you use a physician that’s in the network. You’ll still receive benefits for out of network doctors, but your co-pay for these visits will be higher than if you’d stayed in the network.

 POSs-This is also known as a point of service plan. In the POS plan, you visit a primary care physician that has previously agreed to give you a discounted fee through the insurance. You can get significantly reduced office visit prices this way, and this makes the POS policy a good money saver. However, it also has limited flexibility, in that you must get your primary care physician to give you referrals to other in-network specialists in order to obtain insurance benefits for those visits.

 In part two of this article, we’ll continue our health insurance comparison by comparing Medicare and Medicaid. These two government-sponsored health insurance programs are attracting an increasing number of users each year. You want to be sure you know the qualifications for these policies, as well as the benefits they offer, so stay tuned!

This is the first installment in our health insurance series. Be sure to check back for updates…