Comparisonsmaster
Health Insurance Options for US Citizens
Advancement in technology and scientific discoveries improved our way of life by making tasks easy. Still, at the same time, it has its disadvantages due to pollutions and other related issues that are antagonized by nature. Viz. Aging
Advancement in technology and scientific discoveries improved our way of life by making tasks easy. Still, at the same time, it has its disadvantages due to pollutions and other related issues that are antagonized by nature. Viz. Aging
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Aging is a natural phenomenon that increases the body’s level of susceptibility to diseases of all kinds. Therefore gradually shutting down the body, Catalyzing the rate at which the body approaches the final stage of its life cycle. This can be harnessed by being proactive, that is, opting for health insurance. Only then can longevity be assured. As humans age, there’s the need for assistance with their health needs. This is where health insurance comes into the equation.
Aging is a natural phenomenon that increases the body’s level of susceptibility to diseases of all kinds. Therefore gradually shutting down the body, Catalyzing the rate at which the body approaches the final stage of its life cycle. This can be harnessed by being proactive, that is, opting for health insurance. Only then can longevity be assured. As humans age, there’s the need for assistance with their health needs. This is where health insurance comes into the equation.
Health insurance
is a type of insurance coverage that covers the medical, surgical, and prescription expenses of an insured individual, either by direct payments to the care provider or reimbursement of the costs encountered by the insured.
Types of health insurance
• Health maintenance organizations (HMOs)
• Exclusive provider organizations (EPOs)
• Point of Service (POS)
• Preferred provider organizations (PPOs)
Health maintenance organizations
Provides the cheapest health insurance for elders than other types of health plans. One is required to choose from a local network of participating hospitals, specialists, and facilities provided by HMOs. Home is the region for Medicare, which one is required to choose as a primary care provider (PCP).
Exclusive provider organizations (EPOs)
Restrict one to a specific network of participating providers in which one will have to pay for his cost of services if he visits a provider outside his plan’s network. Therefore, the coverage for out of network care is not included in most plans.
Point of service
Consists of the combined characteristics and features of both HMOs and PPOs. On the contrary , the point of service has a lower cost and smaller provider network than preferred provider organizations and health maintenance organizations respectively.
Preferred provider organizations (PPOs)
Provide many hospitals, specialists, and facilities to choose from because it offers the largest network of participating providers. Accompanying these advantages is a cost disadvantage. It is expensive. Health insurance can be grouped into two with regards to the source of expenses coverage ;
1. Private health insurance
2. Public health insurance
Private health insurance
As the name implies, is any health insurance coverage offered by private bodies like insurance carriers or brokerage firms instead of the federal or state government. The list of private insurance companies includes Blue Cross Blue Shield, United Healthcare, Cigna health insurance Molina Healthcare, etc.
Public health insurance
This is the health insurance coverage offered by the federal or state government for mainly the elderly, disabled, and low-income individuals. They include ;
Medicare, a federal program for the disabled and adults over the age of 65.
Medicaid, a state health insurance program for individuals with low incomes.
The children health insurance program CHIP is a federal-state partnership for children/families
who can neither afford private insurance nor are qualified for Medical assistance.
They bridge the gap between Medicaid and private insurance.
