What is Individual and family Health Insurance & Why Do I need it?
Individual and family health insurance is a type of health insurance coverage that is made available to individuals and families, rather than to employer groups or organizations. Health insurance is vital in protecting yourself from the increasing medical costs every patient can face.
Types of Individual and family health Insurance Coverage
What is Usually Covered With Individual and family health Insurance?
Individual and family health insurance plans are usually described as either “indemnity” or “managed-care” plans. Put broadly, the major differences concern choice of health care providers, out-of-pocket costs, and how bills are paid.
Typically, indemnity plans offer a broader selection of health care providers than managed-care plans. Indemnity plans pay their share of the costs for covered services only after they receive a bill (which means that you may have to pay upfront and then obtain reimbursement from your health insurance company).
There are several different types of managed-care health insurance plans. These include HMO, PPO, and POS plans. Managed-care plans typically use health care provider networks. Health care providers within a network agree to perform services for managed-care plan patients at pre-negotiated rates and will usually submit the claim to the insurance company for you.
In general, you’ll have less paperwork and lower out-of-pocket costs with a managed-care health insurance plan, and you’ll have a broader choice of health care providers with an indemnity plan.
A set of 10 categories of services health insurance plans must cover under the Affordable Care Act.
- Doctors’ services
- Inpatient and outpatient hospital care
- Prescription drug coverage,
- Pregnancy and childbirth,
- Mental health services, and more.
- Some plans cover more services.
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