Health insurance in West Palm Beach is available to meet the needs of you and your family. Here's an easy-to-follow explanation of the different plans and what might be best for you.
PPOs, also known as Preferred Provider Organizations, are groups of doctors and hospitals that agree to a set group of fees for medical procedures. These range from office visits to major surgery. PPOs allow the patient to see out-of-network doctors and do not require referrals to see specialists. PPOs are ideal for folks who want more choice in their health insurance plan than HMOs offer.
Health Maintenance Organizations, commonly known as HMOs, are similar to a PPO except that the patient has fewer choices when it comes to seeing a doctor. In fact, all of your medical care goes through your primary care physician and he or she must make a referral for you to see a specialist. Unlike a PPO, an HMO can deny your claim if you go outside of the HMO network. If you have young children, HMOs can be your best option since kids take more risks and usually need more medical care than adults. What HMO plans lack in choice they make up for in affordable access to health care for you and your family.
Also, HMOs require co-payments that can vary with your policy and your medical provider. In addition, HMOs may cover out of network claims in the event of an emergency, but HMOs have varying definitions of what is an 'emergency'. So, if your child gets a broken arm at an out of town soccer game, your HMO may not cover the ER visit.
Health Savings Accounts, HSAs, allow the patient to save money on a tax-free basis for medical care. Unlike traditional medical policies, an HSA gives the patient total control of his or her remedial decisions by excluding insurance companies. HSAs are great for people who want to take advantage of high deductible health plans, which are less expensive than traditional plans.
All insurance policies work on the principle that the higher your deductible, the lower your monthly payment. This is how high deductible plans save you money. High Deductible Health Plans can be the most cost efficient solution around, when combined with a health savings account that allows you to save money tax-free. The deductible may start at $1000 for individuals and $2000 for families.
Another advantage of HSAs and the corresponding HDHP is that it gives people an incentive to stay healthy by making lifestyle choices. Since the HAS money can grow at a tax-free rate until you withdraw it, many HSA account holders try to avoid withdrawing the money by taking better care of themselves.
This makes premiums similar to car insurance, where the being a safe driver results in lower premiums. In fact, the closer the US gets to a car insurance-style system of health insurance, where policyholders have to take greater responsibility for their choices, the more that health care costs will drop for all Americans.
Small Group Health Insurance is an option that many small businesses in Florida may want to consider. These are usually less expensive for the employee than individual plans because the employer is required to pay part of the premium. Since most businesses in the US and Florida are small businesses, a small group health insurance plans are quite common.
There are stipulations for Florida businesses that want to sign up for a small group plan. These usually have to do with the number of full-time employees and the length of time the business has been in operation in Florida. Also, some plans require that 50 to 75% of the eligible employees be enrolled in the plan.
Health insurance in West Palm Beach plans exist to cover just about everyone. Research carefully and choose wisely.
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