Compare Health Insurance Rates – Finding Cheap Cover

Everyone wants to find out ways of making savings on their health insurance cover. The key to making significant savings lies in knowing the different plans and which would best suit you. You need to know to save.

HEALTH MAINTENANCE ORGANIZATIONS (HMOs)

In looking at plans that can result in savings, we need to first know our health needs. If you are someone who requires constant medical attention that would require that you see a doctor, you may need to look at a plan that can afford you this without costing an arm and a leg. One such plan is taken out a policy with Health Maintenance Organizations (HMOs). They offer the cheapest plans. This is possible because they have a pool of doctors, hospitals and other health service providers that form a network emaemj.org . Members of these networks are covered so long as they receive treatment from doctors and hospitals in the network. It works out cheaper. Of course there are some draw backs since any treatment that requires you to get treatment from doctors or hospital outside the network would not be covered by the health insurance policy.

HIGH DEDUCTIBLE HEALTH PLANS

It is very possible for you to make nice savings with high deductible health insurance plans if you are someone who rarely needs health care. If you are sure that your health needs are very minimal, then read on to make nice savings while still having very comprehensive coverage.

Unlike making savings with HMOs (Health Maintenance Organizations) for people who need constant health care, you can go for the usual traditional and more expensive health plan but then make huge savings by using high deductibles to reduce your rates.

The simplest way to go about this is to get a health savings account. This savings account works with a minimum deductible. This means that your deductible needs to be at least up to a stipulated amount before you can qualify for this account.

How does this account work? This unlike your regular savings account is an account where you can save money and earn interest tax free. The money saved in this account is saved towards the payment of your deductible whenever you need it and since your health is such that you hardly require medical care and would not require to pay your deductibles often, it becomes and ideal solution since the high deductible reduce your monthly rates very significantly.

It is important however to note that the money saved under a health savings account can only be used for health related issue. If you do not use it in a year, it would be moved to the next year and is still yours to use for health related issues like paying your deductibles, paying for visit to the dentist, therapist etc.

Health Care reform… “What does it do for me?” “Is it going to be free?” “Will there be waiting lines at doctor offices?” “What about rationing?” These are all legitimate questions and will be addressed over the next few weeks.

Efforts to change the delivery system of health care in the U. S. goes back over 100 years. However, the most well known attempt at reform was as recent as 1994 during the Clinton administration. The overriding goal of reform debate has been to get all Americans insured and relieve the system of treating patients who had no insurance.

Providers then would shift the cost (I.e. cost shifting) to those who could afford to pay out of pocket or who had insurance. Consequently, the well to do and insured Americans saw their costs of health care rise disproportionately over time along with the premiums for health insurance.

Since the failure of the 1994 attempt at reform, the health care system introduced “Managed Care” plans. These plans offered discounts in premiums to steer insureds into certain blocks of providers. These plans had a number of different looks, but the most common in the West Texas area was PPO plans.

Managed Care plans helped alleviate the cost shifting stress for a while, but failed to bring more uninsured folks into the system. Eventually, as the number of uninsureds rose, premiums were forced higher and higher until today where it is not unusual for a family premium to be more than a house payment.

Most estimates say 47 million Americans are without health insurance today. The original goal of reform debate when it was seriously renewed in 2008, was to force that 47 million people into the cost sharing arena.

By March 23, 2010, the result of reform provided only modest incentives for those 47 million to participate in cost sharing system. Rather, the result ended up as insurance reform.

On March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act (PPACA). On March 30, 2010, the President signed into the law the Health Care and Education Reconciliation Act of 2010 (HCERA), adding certain amendments to PPACA. Combined the two laws comprise health care reform.

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