A person’s health is an asset. You would like to spend a lot of money to be healthy and fit. It doesn’t make financial sense to delay in purchasing a policy for health insurance to cover you and your family against major medical expenses. These plans provide financial security for those who are undergoing severe treatment. These plans are an invaluable help in times of rising medical bills and high doctor’s fees.

The right health insurance ensures you get the best medical care when you need it. You can pay for different things like regular check-ups with your doctor, critical surgery, or emergency treatment.

Different types of plans:

Insurers offer two types of insurance plans for health: the indemnity plan or managed care plan.

Indemnity plan – Also called the fee for services plans, indemnity policies give policyholders more freedom and flexibility. They can choose the doctor, hospital and other provider of medical care that they prefer. This plan covers accidents and illnesses, but not preventive care such as birth control or flu shots.

Managed Care Plan – These plans are different from the others in many ways. Only those who have signed contracts with the Health Maintenance Organization can choose specialists, doctors, hospitals, or any other type of medical service provider under this coverage. This plan also covers preventive and mental health care.

These terms and their meanings are most commonly used in the field of health insurance.

The minimum amount you must pay to your insurers to cover medical expenses before your plan starts. They are calculated annually.

Allowable fee – This is the maximum amount that an insurance company will pay for a medical procedure.

Fee-For-Service plan – This coverage allows policy seekers to request the services of a specialist or doctor they choose. It covers deductibles, co-payments, or co-insurance.

Flexible Spending Account – It is a great way for policy-seekers to pay for hospital bills not covered by their policy, such as copayments or deductibles.

Co-Payment – Policyholders are required to pay a set amount to receive certain medical services. This is called the co-payments. The insured may have to pay higher co-payments in order to receive more expensive medical treatments.

Co-Insurance: There are many insurers that ask for a percentage of the cost of healthcare services. It generally ranges between 20 to 30 %.

Schedule of Allowance – It is the amount your plan will pay for each procedure.

Where can I find a health plan?

You can now use the internet to find the best health insurance for yourself and your family. It’s easy to find affordable health insurance.