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Individual Health Insurance
By Blogster
With the increasing cost of individual health and the downturn in the economy, many New Yorkers are reevaluating their current health plans. Now more than ever, companies are being pressured to contain costs. Unfortunately they're not doing a very good job. Rates have been increasing 12-25 percent on average for most new yorkers.
However, there are still affordable individual health plans in New York. The only problem would be in choosing. Choosing an individual health plan in New York is quite difficult simply because, since New York provides a vast array of competitive health plans, there are a lot of choices to choose from. Unfortunately almost all of those plans are much too expensive for most persons.
If you go onto any search engine and type in the search box the keywords "health plans", you will receive hundreds of search results (probably thousands) on information about the different health plans available. If your like most people these results can be overwhelming. Here is a simple tip: remember the basics such as What do I need ? Based on that premise, keep that in mind when shopping for a plan. There are several different types of individual health coverages. Here are the most common.
Fee-for-Service
For frequent travelers, fee-for-service coverage may be your best choice. This also applies to those who want unrestricted choice of their own doctors or specialist. However your strongly advised to keep track of all expenses paid. This type of individual health coverage presents numerous choices but offers higher costs. In general, monthly payment for the premium is going to be higher than other plan options. Additionally a yearly deductible must be reached before the company
will reimburse you. Also your required to share the weight of the costs with the insurer - this is called coinsurance. For most plans, coinsurance is about 20 percent of the costs( that will be meant your responsibility to pay, the rest will be covered by the insurer). The positive aspect of a fee for service plan is that you have a good idea as to what your out of pocket maximum will be.
Health Maintenance Organization (HMO)
If you are looking for a less costly individual health coverage, you may want to look into HMO's. They offer a fixed premium each month. These tend to be the most common plans and have been so for the last 10 to 15 years. They work in a very simple way you have co-payments for each type of medical visit. Usually the co-payment is between $10 to $50 for each visit to a doctor. most hospital admission (in New York) average about $500. One disadvantage though, is the limit of which doctors and/or specialists to see. HMOs require that you stay within the network. Another downside is the need for pre-approvals before you specialists & before you can be admitted into a hospital or outpatient facility. Certain HMO's also find ways to avoid paying for other certain treatments. Because of that most people who get rejected for certain procedures have to go through an appeal process.
Preferred Provider Organization (PPO)
PPO's are a combination of Free-for-service coverage and HMO's. They offer in most cases the same list of doctors, specialists, outpatient centers and hospitals which an insured can use. Generally speaking, if you choose a PPO with a small list of doctors and hospitals,you should expect your premium to be less than a PPO which utilizes a larger network ( does that mean the doctors in the less expensive PPO are inferior? )
www.nyhealthinsurer.com
www.nyhealthinsurer.com
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