Options For Affordable Health Insurance

If you have lost your job and need to findoption for health insurance. However, if you see a
affordable health insurance coverage for yourselfphysician out-of-network or have any procedures
and your family, there are many options available.done without prior approval, it can be expensive.
The first step is to learn what the different plansWith a Preferred Provider Organization or PPO
have to offer and how they differ.plan, there is also a list of participating doctors and
What COBRA has to Offerhospitals, however you have the freedom to see
If you have just lost your job, the first thing youany doctor who is part of the plan's network. You
will need to do is to check into COBRA. COBRAdo not have to designate a primary care
allows you to continue on your employer's healthphysician. If you wish to be able to see health
insurance plan for up to 18 months after loosingcare providers outside the plan's network, you will
your job. If you have a pre-existing condition,have to pay a higher coinsurance rate.
COBRA can be a good option, however it can beA Point-of-Service Plan or a POS has some
expensive because your employer will no longersimilarities to an HMO and a traditional health
be paying a portion of the cost. You will have toinsurance plan. With a POS, if you choose your
pay the entire amount yourself.primary doctor from within the plan's network of
If COBRA does not look like a good option forphysicians, then your costs will stay low.
your family, there are a number of other typesHowever, if you choose to go outside of the
of insurance plans available. You will need to donetwork, your costs will be much higher. The
some research and become familiar with some ofadvantage of a POS health insurance plan is that
the terms and what they mean before you canyou get the cost savings of an HMO but you still
make a wise decision about which plan to choose.have the freedom to see physicians outside the
Types of Insurancenetwork as well.
There are basically 2 types of health insurance.A Health Savings Account
One is fee-for-service which, is the traditional typeAnother option for saving on your health
of health insurance in which you can choose anyinsurance coverage is to open a Health Savings
doctor or hospital you wish. The amount ofAccount or an HSA. An HSA is a savings account
choices you get with a fee-for-service plan is afor people who have a high deductible health
plus, but the cost of this type of insurance can beinsurance plan. Money is deposited into a special
quite high. Alternatives to a fee-for-service plansHSA account where it earns interest that is
are managed-care plans and Health Savingstax-free and the money is not taxed when it is
Accounts.used for qualified medical expenses. HSAs will also
Managed care plans include Health Maintenancehave a network of health care providers and your
Organizations (HMOs), Preferred Providercost will be lower if you choose to stay within the
Organizations (PPOs) and Point-of-Service Plansnetwork. As with the POS, you do have the
(POS).option to go outside the network but at a higher
Under a Health Maintenance Organization or HMO,cost to you.
you choose a primary doctor who participates inIf you have lost your job and find yourself in
the plan's network and then all of your care isneed of affordable health insurance, the first step
directed by that physician. If any test or visits tois to look into COBRA to see if it is the best
a specialist are required, that primary careoption. If it is not, then the next step is to
physician must issue a referral and the specialistresearch the managed care options as well as a
must be a part of that HMO's network. HMO'shealth care savings account. After you learn about
have the buying power of a large organization sothe different plans and how they work, you will
you can often get your medical services for lessbe able to make the best choice for meeting
and they are also focused on keeping costs down.your family's health insurance needs.
Therefore, an HMO can be a less expensive