Illness, accidents, and other medical emergencies may occur at any time. It’s essential to be armed with the best health insurance coverage that will help you recover from such incidents. It is always advisable to take the right decision to insure yourself along with the members of your family, in case of any emergencies. However, choosing the right kind of health insurance for an individual or even a family may not be an easy task. Health insurance is a broad concept and the types of insurance are planned differently. Let us look at what you need to know about individual and family health insurance, to help you choose a plan that works for you.
Individual Health Insurance
An individual health insurance plan does just what you would expect, covering just one individual. If you only want to cover yourself, there is no doubt that going for an individual health insurance coverage may be the right decision to make. However, there may still be variations in the cost of an individual health insurance plan, based on the type and level of coverage you want.
An indemnity plan, which is the more a traditional type of health insurance coverage that most people are familiar with, covers individuals no matter the doctor of their choice and whatever procedures they need. You can choose out-of-pocket limits and different levels of deductibles, so that costs can vary. This is generally a bit more costly in health insurance, but if you want freedom of choice, then this plan is worthwhile.
You can also go for a managed plan similar to an HMO (Health Maintenance Organization) because it’s generally more cost-effective. In return, you will have to give up most of your freedom of choice. You’ll have to pick a doctor from an approved list, and only referrals can see the specialists. However, if you are in good health and you see the doctor occasionally for a check-up or minor illnesses, it may be worth to trade off choice for cost. You’re still covered for any emergencies; it’s just a little more intricate.
If you want to add prescription and dental coverage, it can be added to either type of plan be it individual or family plan for an additional cost.
Family Health Insurance
This is a health insurance plan that covers for all the members of a family. And since more than one person will be included, the cost is naturally higher than the individual plan. Also, the bigger your family, the more you may be required to pay. The cost may vary based on the gender, age and whether or not one family member drinks alcohol, smokes and other factors. You can choose an indemnity plan for your family and have the freedom of choosing a doctor, as you find in individual insurance plans. If you will be having multiple people covered, this will be a bonus.
If you are not very much concerned with choice, then you will be better off picking a managed health care plan for your family. It works the same way as it does for individuals, but it may cost more. However, it’ll still be cheaper than an indemnity plan.
It’s very vital to have a health plan. Most people are not aware that just one single day spent in a hospital may wipe out all their entire savings! Are you looking for an affordable health insurance coverage? Contact us at S.T. Good Insurance in Florida for a consultation and quote at (772) 287-3625.