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What kinds of health
insurance are there?
There are essentially two kinds of heath insurance --
Fee-for-Service and Managed Care. Although these plans differ,
they both cover an array of medical, surgical and hospital
expenses. Most cover prescription drugs and some also offer
dental coverage.
1. Fee-for-Service.
These plans generally assume that the medical professional will
be paid a fee for each service provided to the patient. Patients
are seen by a doctor of their choice and the claim is filed by
either the medical provider or the patient.
2. Managed Care.
More than half of all Americans have some kind of managed-care
plan. Various plans work differently and can include: health
maintenance organizations (HM0s), preferred provider
organizations (PPOs) and point-of-service (POS) plans. These
plans provide comprehensive health services to their members and
offer financial incentives to patients who use the providers in
the plan.
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Can I buy an individual
policy?
1. Ask your Independent Insurance Services of Central Iowa
agent if you can convert its group policy to an individual
policy. You will pay a higher rate than you did before and your
benefits may be limited, but the terms will still probably be
better than if you buy your own policy.
2. If you are married, see if your spouse’s employer will
add you to its group plan
3. Try to join a group health plan through a trade
association or alumni group or professional association may
offer reasonable rates. If you are over age 50, you can join the
American Association of Retired Persons (AARP), which offers an
extensive plan. Even some credit card companies offer health
insurance coverage.
4. As
a last resort, you can buy an individual policy. The rates will
be high and coverage limited, but it is important that you be
protected against financial catastrophe if you or your family
are hit with a major illness or injury. If you are
self-employed, most of the health insurance premium will be
tax-deductible.
To find the best policy, consult your Independent Insurance
Services of Central Iowa health insurance agent who will help
you find the contract that gives you the most for your money if:
1. You leave a company and become unemployed or
self-employed for up to 18 months.
2. You are a widow or widower or child of an employee who
dies while working for the same company for three years or more.
3. You are the divorced spouse or child of an employee who
has left the company he or she was employed at for at least
three years.
4. You are the child of an employee who left a job and have
not yet reached age 23.
NOTE: If you need COBRA benefits,
you must fill out the appropriate forms from your employer’s
benefits department within 60 days of leaving your job. If you
do not act within that time, you may be denied coverage.
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If I change jobs or become
unemployed, can I bring my coverage with me?
If you switch employers, you have the right to carry your group
health insurance coverage with you to a new job for up to 18
months under the Congressional Budget Reconciliation Act
(COBRA).
You must pay the full premium, but at group rates that are far
cheaper than the individual rates you would pay for similar
coverage. Health insurance under COBRA is available if you are
in these situations:
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Insurance Information Institute
www.iii.org/individuals/health/ |
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