No one is immune to the risks of genetics, so this article discusses the rising trend towards group health insurance (GHI). This type of coverage not only protects income in case of large medical expenses but gives people the benefits of different insurers’ pools of patients.
Group Health Insurance: What You Need to Know
Group health insurance is a type of insurance that covers both the employee and their family members. Typically, group health insurance is offered through an employer. This means that you as an employee can have access to coverage and your family members can be covered under the same plan. Depending on the plan you select, group health insurance may cover hospitalization, doctor visits, physical rehabilitation, cancer treatments, prescription drugs, maternity care, and more. In order to find the right type of group health insurance for you and your family, it is important to understand what each plan offers. If you have any questions about group health insurance or if you would like to find out more about available plans, please contact your employer or visit a website like Healthgrades.com.
HMO vs. PPO
As it pertains to group health insurance, the two most common types are HMOs and PPOs. HMOs are usually preferred by people who want to keep their costs low, while PPOs give consumers more choice and flexibility when picking a healthcare provider. There are pros and cons to both types of insurance, but the biggest deciding factor for most people is which one is best for them and their family.
When Can’t You Purchase a COBRA Plan?
You can’t purchase a COBRA plan if you have a pre-existing condition.
Types of co-insurances
blog If you have health insurance, chances are you’re covered by a co-insurance plan. A co-insurance plan is a type of health insurance coverage where someone pays a percentage of the costs associated with their medical care, in addition to the costs they’re already shelling out for their health insurance. The percentage can vary from person to person, but in general, most people will be asked to pay anywhere from 10 percent to 75 percent of their medical bills. An important thing to remember when it comes to co-insurances is that not all plans offer them. If you don’t have any coverage that includes co-insurance, you’ll have to purchase separate coverage for this type of expense. Another thing to keep in mind is that co-insurers aren’t entitled to full reimbursement for every claim they make; they’ll generally only be reimbursed for a percentage of the cost of the medical care they use. The good news is that there are a number of types of co-insurance plans available, so whichever one suits your needs should be easy to find. Some common types of co-insurance plans include deductible plans, percentage plans, and dollar-for-dollar
If you have a preexisting condition, your coverage may be limited or unavailable. Cobra also offers a health savings account (HSAC) option that allows you to save money on your premiums. You can open an HSAC with your employer, get permission from your insurer to contribute from your paycheck, or contribute through a government-sponsored program like the Medicare or Medicaid programs. The Cobra website has detailed information about HSACs and how to choose the option that’s best for you. Cobra also offers a free online calculator to help you figure out how much money you could save by using an HSAC. To find out if Cobra is right for you, ask your insurance company if it offers an HSAC and find out how much money you could save by using one.