When you have health insurance, you’re paying a monthly amount for the security of knowing you’ll be covered in case you or someone in your family needs medical attention. This peace of mind is well worth the cost. Health insurance providers offer a wide variety of plans to meet the unique needs of their customers. Depending on the plan, you may pay a copay for each visit or have a deductible to reach before your insurer starts covering services. You should always read your plan documents to understand what each one covers and how it works.
The health insurance industry is full of large, publicly traded conglomerates that report quarterly earnings and have national presences. However, there are also smaller, locally-focused insurers that have strong local provider relationships and innovative products. These include venture-backed newcomers focused on mobile apps and telehealth, as well as community-based Blue Cross Blue Shield affiliates or statewide mutuals that reinvest surpluses into local programs. Some regional insurers have a legacy of long-standing, high-quality service and an established reputation for reliability.
Many employers provide their employees with group health insurance through a company sponsored plan. Alternatively, you can purchase individual coverage directly from a health insurance provider, such as Cigna HealthcareSM. Individual and small-group plan options are available in most states, and you can compare them to find the right one for your unique needs.
You can find affordable health insurance in your state or community that meets your needs through a marketplace or by contacting a local agency. Before you shop for a plan, determine what your budget is and what level of coverage you need. You should also consider the type of care you’re likely to need, such as routine doctor visits or prescriptions.
Most major medical plans cover emergency situations, hospitalizations and serious illness. They typically also cover preventive services such as immunizations and cancer screenings, which are often free or low-cost to their patients. In general, you’ll pay a monthly fee for your premium and then a fixed amount for each service you receive. These costs can add up quickly, so it’s important to have a clear understanding of how your health insurance works.
In order to save money on your health insurance costs, you should choose a plan that has a good network of doctors and hospitals. Health insurance networks are groups of providers that have contracted to provide discounted rates for their insured customers. These lower rates are known as cost-sharing, and they can greatly reduce your health care costs. Health insurance companies typically list the doctors, hospitals and pharmacies that are part of their networks on their websites or by calling them. In addition, some health insurance plans allow you to select doctors and hospitals outside of their networks but require that you pay the full out-of-pocket cost, except in an emergency. This can lead to higher coinsurance rates and deductibles.