• POS plans
  • HMO PLAN
  • HSA plans

POS plans

POS plans – best options for individual health insurance for you

One popular type of health insurance plan that is available today is the POS plan or Point of Service plan. Here is a brief overview on what these plans constitute and what you should remember when selecting such plans.

Understanding POS plans

POS plans are essentially something in between a PPO plan and an HMO plan, where they offer more freedom of choice while still controlling the basic health care that is provided to you. In these plans, you have to primarily select and appoint one doctor as your primary care physician. All other doctors or referrals must ideally come from this primary care physician, if you want to benefit from the cost reduction that is given to such referrals through this plan. Incidentally, your primary care physician can refer you to any other doctor, based on your situation. This referral could be within the network or outside the network. Where the referral is within the network, you can claim benefit through the plan but where it is outside, it constitutes out-of-pocket expenses, which are often not covered through the plan.

Facts about POS plans

Primarily, like the guaranteed health insurance plans, the POS plans are extremely convenient and affordable. In fact, all your paper work regarding any claim is usually handled by your point of service or POS. However, unlike guaranteed health insurance plans, in order to make your claim easy and ensure that you get your reimbursement, it is important to go within the network. Where you choose a doctor or specialist that is not within the network, the entire responsibility of getting your claim reimbursed remains with you. In case you go against the recommendation of your primary care physician, you might have to foot the entire bill.
When choosing POS plans, it is important to consider the size of the network to ensure that you do not have to go out of the network to meet your healthcare needs. Choosing a primary care physician who is on multiple networks is a great way to ensure that you reduce your healthcare costs.
So, if you are truly seeking good individual health insurance for you and your family, consider POS plans and you will find them to be a great mix of flexibility and affordability.

 

HMO PLAN

Bid adieu to limited indemnity coverage with HMO plans

When seeking health insurance, comprehensive coverage is the most important factor to consider. As most plans offer limited indemnity, either in terms of what they cover or how much in terms of costs, this search becomes more important. HMO (Health Maintenance Organization) plans are the perfect solutions for such situations. These are plans that cover most of your medical expenses and are extremely popular today. Before choosing a good HMO plan for you or your family, you should understand the basics of these plans.

Steps involved in HMO plans

When you choose an HMO plan, you need to pay a monthly premium in addition to the co-payments for medications and doctor visits. Choosing a primary care physician is the first step when you opt for these plans. It is essential that your chosen primary care physician is on the HMO network list. Non medical emergencies are usually covered under this plan only if you choose a specialist based on the recommendation of your primary care physician. It's important to check out the network provided by that plan. Ideally, choose a plan with a large network as it allows you sufficient options to choose from.

Pros and cons of HMO plans

Primarily, choosing an HMO plan is definitely advantageous because it believes in preventive care more than the treatment. So, if there is any likelihood of seeking healthcare for pre existing conditions, especially in the early stages of the ailment or because you have genetic reasons to believe you might attract such ailments, this is the perfect plan for you. With the help of this plan, not only do you lead a healthier life but you actually do so at much lower costs. Additionally, this plan is extremely convenient as you are not burdened with the aspect of filing your claim forms and seeking reimbursement. While this plan offers extensive freedom and flexibility, the only drawback is if you choose a medical provider outside the network. This plan does not offer coverage for any cost that you may incur due to such outside reference, making it a burden on you. Apart from this, as mentioned earlier, this is not a plan with any limited indemnity but is truly comprehensive.
While HMO plans are great for seeking health care for pre existing conditions as well as otherwise, it would help if you could identify a proper primary health care physician. Ideally, the chosen PCP (Primary Care Physician) should be situated closer to your home or office, and should offer good and timely medical services. Having a certain level of comfort with your PCP is essential as they'll be prescribing your referrals.

 

HSA plans

HSA plans – perfect alternatives to individual health insurance for you

With more flexible and affordable options like HSA (Health Savings Account) today, there is less reason to be uninsured. Here's what's important to understand about these plans:

Important aspects about HSA plans

These plans offer savings accounts that are exempted from taxation, where the money saved can actually be used for any medical expense you might incur. The insurer is given a debit card, which can be used for paying any medical expense in establishments that take major credit cards. In case you do not have your HSA debit card readily available, you could pay for the expense in cash and get it reimbursed by filing a claim. Incidentally, this plan will pay for all your medical expenses including doctor's bills, hospital stays as well as any medication or prescription you might require. Interestingly, any amount that you use from this account for medical purposes is not taxable. However, the money that is present in your account cannot be used for any non medical purpose. In case of such use, it's immediately penalized whilst also being taxed. HSA plans are available as those that offer individual health insurance for all in addition to being available as group plans.
Usually, there is a limit to the amount of money you can contribute to and spend through this account in a year. The IRS (Internal Revenue Service) sets the limit for contribution to such accounts every year. An individual can contribute a maximum of $3,100 to his/her HAS account in 2012, which is more than the ceiling of $3,050, which was applicable in 2011. For family coverage, the 2012 HSA limits for maximum annual amount are set at $6,250, which is an increase of $100 over the $6,150 in 2011.
In 2012, the minimum annual deductibles for family coverage and self-only coverage are set at $2,400 and $1,200 respectively.
When it comes to yearly out-of-pocket expenses (co-payments, deductibles, and other amounts, but excluding premiums), the amount can’t surpass $5,950 and $11,900 for self-only coverage and family coverage respectively.

Pros and cons of HSA plans

When you start putting money into your HSA account, it's present for you whenever you want it. In other words, there is no limitation as the money keeps rolling over year after year. Additionally, the money also earns an interest by virtue of being in your account, which allows you to bank on more money being available for your medical expenses. Given that the money does not attract any tax, it is definitely the best option available for the young and the healthy. However, the biggest and perhaps the most important disadvantage of HSA plans is the fact that they don’t cover those with pre existing conditions.
So, if you are someone who is healthy, young and without any pre existing conditions, the HSA plan is something to consider, given its affordability as well as its convenience.
Resources:
http://www.hsacenter.com/2012limits.html
http://401k-employee-benefits.com/1523-hsa-limit-2012-contributions

 

POS plans

POS plans – best options for individual health insurance for you

One popular type of health insurance plan that is available today is the POS plan or Point of Service plan. Here is a brief overview on what these plans constitute and what you should remember when selecting such plans.

Understanding POS plans

POS plans are essentially something in between a PPO plan and an HMO plan, where they offer more freedom of choice while still controlling the basic health care that is provided to you. In these plans, you have to primarily select and appoint one doctor as your primary care physician. All other doctors or referrals must ideally come from this primary care physician, if you want to benefit from the cost reduction that is given to such referrals through this plan. Incidentally, your primary care physician can refer you to any other doctor, based on your situation. This referral could be within the network or outside the network. Where the referral is within the network, you can claim benefit through the plan but where it is outside, it constitutes out-of-pocket expenses, which are often not covered through the plan.

Facts about POS plans

Primarily, like the guaranteed health insurance plans, the POS plans are extremely convenient and affordable. In fact, all your paper work regarding any claim is usually handled by your point of service or POS. However, unlike guaranteed health insurance plans, in order to make your claim easy and ensure that you get your reimbursement, it is important to go within the network. Where you choose a doctor or specialist that is not within the network, the entire responsibility of getting your claim reimbursed remains with you. In case you go against the recommendation of your primary care physician, you might have to foot the entire bill.
When choosing POS plans, it is important to consider the size of the network to ensure that you do not have to go out of the network to meet your healthcare needs. Choosing a primary care physician who is on multiple networks is a great way to ensure that you reduce your healthcare costs.
So, if you are truly seeking good individual health insurance for you and your family, consider POS plans and you will find them to be a great mix of flexibility and affordability.

 

HMO PLAN

Bid adieu to limited indemnity coverage with HMO plans

When seeking health insurance, comprehensive coverage is the most important factor to consider. As most plans offer limited indemnity, either in terms of what they cover or how much in terms of costs, this search becomes more important. HMO (Health Maintenance Organization) plans are the perfect solutions for such situations. These are plans that cover most of your medical expenses and are extremely popular today. Before choosing a good HMO plan for you or your family, you should understand the basics of these plans.

Steps involved in HMO plans

When you choose an HMO plan, you need to pay a monthly premium in addition to the co-payments for medications and doctor visits. Choosing a primary care physician is the first step when you opt for these plans. It is essential that your chosen primary care physician is on the HMO network list. Non medical emergencies are usually covered under this plan only if you choose a specialist based on the recommendation of your primary care physician. It's important to check out the network provided by that plan. Ideally, choose a plan with a large network as it allows you sufficient options to choose from.

Pros and cons of HMO plans

Primarily, choosing an HMO plan is definitely advantageous because it believes in preventive care more than the treatment. So, if there is any likelihood of seeking healthcare for pre existing conditions, especially in the early stages of the ailment or because you have genetic reasons to believe you might attract such ailments, this is the perfect plan for you. With the help of this plan, not only do you lead a healthier life but you actually do so at much lower costs. Additionally, this plan is extremely convenient as you are not burdened with the aspect of filing your claim forms and seeking reimbursement. While this plan offers extensive freedom and flexibility, the only drawback is if you choose a medical provider outside the network. This plan does not offer coverage for any cost that you may incur due to such outside reference, making it a burden on you. Apart from this, as mentioned earlier, this is not a plan with any limited indemnity but is truly comprehensive.
While HMO plans are great for seeking health care for pre existing conditions as well as otherwise, it would help if you could identify a proper primary health care physician. Ideally, the chosen PCP (Primary Care Physician) should be situated closer to your home or office, and should offer good and timely medical services. Having a certain level of comfort with your PCP is essential as they'll be prescribing your referrals.

 

HSA plans

HSA plans – perfect alternatives to individual health insurance for you

With more flexible and affordable options like HSA (Health Savings Account) today, there is less reason to be uninsured. Here's what's important to understand about these plans:

Important aspects about HSA plans

These plans offer savings accounts that are exempted from taxation, where the money saved can actually be used for any medical expense you might incur. The insurer is given a debit card, which can be used for paying any medical expense in establishments that take major credit cards. In case you do not have your HSA debit card readily available, you could pay for the expense in cash and get it reimbursed by filing a claim. Incidentally, this plan will pay for all your medical expenses including doctor's bills, hospital stays as well as any medication or prescription you might require. Interestingly, any amount that you use from this account for medical purposes is not taxable. However, the money that is present in your account cannot be used for any non medical purpose. In case of such use, it's immediately penalized whilst also being taxed. HSA plans are available as those that offer individual health insurance for all in addition to being available as group plans.
Usually, there is a limit to the amount of money you can contribute to and spend through this account in a year. The IRS (Internal Revenue Service) sets the limit for contribution to such accounts every year. An individual can contribute a maximum of $3,100 to his/her HAS account in 2012, which is more than the ceiling of $3,050, which was applicable in 2011. For family coverage, the 2012 HSA limits for maximum annual amount are set at $6,250, which is an increase of $100 over the $6,150 in 2011.
In 2012, the minimum annual deductibles for family coverage and self-only coverage are set at $2,400 and $1,200 respectively.
When it comes to yearly out-of-pocket expenses (co-payments, deductibles, and other amounts, but excluding premiums), the amount can’t surpass $5,950 and $11,900 for self-only coverage and family coverage respectively.

Pros and cons of HSA plans

When you start putting money into your HSA account, it's present for you whenever you want it. In other words, there is no limitation as the money keeps rolling over year after year. Additionally, the money also earns an interest by virtue of being in your account, which allows you to bank on more money being available for your medical expenses. Given that the money does not attract any tax, it is definitely the best option available for the young and the healthy. However, the biggest and perhaps the most important disadvantage of HSA plans is the fact that they don’t cover those with pre existing conditions.
So, if you are someone who is healthy, young and without any pre existing conditions, the HSA plan is something to consider, given its affordability as well as its convenience.
Resources:
http://www.hsacenter.com/2012limits.html
http://401k-employee-benefits.com/1523-hsa-limit-2012-contributions