Health insurance provides financial security against unexpected, high medical costs. In addition, it offers free preventive services, like vaccinations and screenings, with reduced out-of-pocket costs once your deductible has been met. Furthermore, research shows that having health coverage makes accessing care significantly easier; those without coverage tend to postpone medical visits due to cost concerns (Boote & Wendell 2015; National Health Interview Survey 2016).
Though everyone’s healthcare needs vary, all plans must meet ten essential health benefits: ambulatory patient services; emergency services; hospitalization; maternity and newborn care; mental health services (such as behavioral health treatment and chronic disease management), prescription drugs, vision and hearing care and dental and oral healthcare services. Under the Affordable Care Act there is also a maximum monthly premium that any plan may charge depending on age and location.
Individuals and small businesses alike can purchase private health insurance through various methods, including employer-sponsored group health plans, independent groups, direct purchase on the individual market or state and federal marketplaces (Affordable Care Act). Employer-sponsored group health plans are one of the most prevalent forms of coverage in America – nearly seven out of ten Americans with health coverage through work have their coverage via this type of plan.
Health insurance is among the most sought-after benefits at work for many employees. They rank it higher than retirement savings or vacation time as their most valued employee-sponsored benefit.
Your employees need a firm grasp on how their health insurance works so they can make informed decisions regarding coverage they require and desire. This article explains what constitutes a health care plan, what types of plans exist, and how to select one tailored to their unique health needs.
Your budget and desired level of coverage determine your options when it comes to healthcare plans: HMO, PPO or POS plans are your options for comprehensive health coverage. Each option offers unique benefits; an HMO typically features lower monthly premiums and deductibles than PPO plans while sometimes needing referrals to visit specialists or restrict provider choices; conversely a POS plan typically features higher premiums but allows access to any provider who accepts their payment terms.
When selecting a plan, it is also essential to consider other aspects that might influence costs. These may include whether or not you smoke, where you live and your age; generally younger individuals pay less than older or married people; premiums may also depend on local coverage requirements, cost-of-living differences and competition; however if you are a smoker you’ll usually pay more as the risk of getting sick or injured is higher compared with nonsmokers.
