Family Health Insurance Plans

In today’s era, health insurance has become an essential part of our lives. This is because of the advancement in technology and the methods adopted to produce and sell goods are now becoming detrimental to health which eventually lands many of us in hospitals. The medical cost for the treatment is quite high these days and the best possible savior in these times is medical health insurance which covers up the most of the cost that is incurred as a result of facilities provided by a particular hospital. Many companies now understand the gravity of the situation, and they take it on themselves to provide primary health care facilities to its employees and their families to keep their employees stress free, but it all comes at a price which many other companies cannot afford to pay.

What is health insurance and what medical costs it covers?

Health insurance is a type of insurance that covers the medical cost of surgeries and other treatment expenses. The insured person is the owner of the insurance policy, and all the health insurance policies apply on to that particular person, and they are non-transferrable. Health insurance covers all costs of medical treatment be it medical expenses or the patient’s examination only. Health Insurance Company is responsible for paying for all the expenses that a particular person or a family has to bear in due time. There are many reasons that people subscribe to this health insurance policy.

One of the most common reasons is that a person is not sure of the expenses he might have to bear in case of an unprecedented event. Long-term plans do not include the coverage for all kind of medical problems such as pregnancy or prolonged mental health issues. The diseases which span for a long time are not covered because of the complications that may occur when a person is fighting with the disease. Often such medical conditions give rise to other problems as well which increases the cost of the treatment. However, immediate treatment and all other diseases which can be cured in a short span of time are covered. Here are some of the people who might need to get the insurance plan.

  1. People who are close to retirement need to buy this plan because most of the times they are not sure where their next employment will be.
  2. Jobless people who are not sure whether they would be able to find a job and if some medical complication occurs, at least they are on the safe side with the support of the medical health insurance plan.
  3. Students who are traveling abroad and their family moves with them too. They need to buy this insurance as they want to keep their health expenses on the lower side.

Keep in check a few things

When buying insurance, remember do not panic. Take your time to do a complete research about the company that you plan to take services from and peruse the plan. If you appear to skim the details, there may be certain terms and conditions that you may miss and if a certain complication occurs and you are told this case is not taken care of in this health insurance, you may end up paying yourself which completely obscures the idea of availing health insurance. There are certain tips that you should take while looking for insurance plans and these may prove helpful to reduce your insurance costs.

  1. First of all, find out what are you eligible for any discount at any company or for the government help to pay for your health insurance. If yes, look out that option. Your health is the most important asset that you have in the transitory world. You may not be aware of how important your health is, and you should never compromise on your health.
  2. Compare the plans available and look for the best aspects in all plans. Whichever plan provides the more perks at lower cost, go for that plan but before taking the plunge, do thorough research about the company. If a company is well reputed than well and good.
  3. When it comes to choosing a plan, choose Health Maintenance Organization instead of Preferred Provider Organization. This is because HMO is quite economical and you avail the services of one primary care physician who refers you to a particular specialist which sharply reduces the cost of finding a good specialist. PPO gives you freedom, but it comes at a higher price.
  4. As mentioned earlier, look for a plan which offers discounts and incentives for your health care. These plans are the best fit for your health as they provide you with the fitness trackers which greatly reduces the chances of getting diseases.
  5. Look for a high-deductible health plan which is most suited for the people who do not visit the doctor often. These plans are usually quite lower, but there comes a bottleneck with this plan. If you ever happen to require more medical services, then you must have saved some money to cover up for the unprecedented events that you didn’t forecast while buying medical health insurance.

Insurance providers in Maryland

There are copious companies in Maryland which provide health insurance plans to the people. However, it is up to the budget of the customer and his priorities when it comes to making decisions about his health. Taking into consideration all the tips that are discussed in the previous section, make a well-thought choice so that you may not end up regretting buying a particular health insurance plan.

IHC Group: Hospital Indemnity Insurance

This group is well reputed in the insurance industry and has been providing insurance services to its valued customers for over 30 years. The insurance plans that they provide include

  1. Life Insurance
  2. Dental Insurance
  3. Vision and short-term medical insurance
  4. Hospital Indemnity Insurance

All these plans vary for the type of people. Most of the families usually take Hospital Indemnity Insurance as this plan can save you a good lot of money. A 4 – 5 day stay normal hospital costs around $10,400.  This insurance plan is designed to cover all the costs associated with the admission of the patient in the hospital suffering from minor injuries or feeling sick.

What do you get:

This insurance plan offers you

  1. Hospital room and board
  2. Inpatient physician’s visits
  3. Prescription and medications
  4. Surgery
  5. Ambulance services

The cost of the plan is based on the age and condition of the person booking his insurance plan. If the family is composed of healthy and young people, the cost will be lower. Whereas this plan is guaranteed renewable which means that your plan won’t be mercurial based on your health. There is no restriction on how you use the money.

Compass rose health plan

This company is another good name when it comes to the insurance industries. It has been in the service since 1948, and their primary purpose is to simplify the process of health insurance for their valued customers. Stability is an important aspect of any human life and the belief in protecting that. They provide three plans and health insurance then covers the medical expenses accordingly.

  1. In network coverage: This means that if you get the medical treatment in the network of healthcare providers registered with the company. If you avail services from the in-network providers, then company pay 90% of the cost and member pays only 10% of the money charged.
  2. For out of network coverage, the company pays 70% of the coverage while the member pays 30%.
  3. For overseas coverage, the plan covers 90% of the cost while member pays only 10% of the total cost.

What do you get:

  1. $15 co-payment which means after the first $15, the plan will cover the rest of your treatment cost. This applies to the primary health care physician visit.
  2. When it comes to visiting a specialist doctor, the co-payment goes up to $25. That means you pay first $25 and rest is covered by the plan.
  3. Emergency care services are provided $100 co-payment while urgent care is given at the rate of $50 co-payment.

All these services are provided in a very short span of time while urgent care is provided on the same day. However, other services may require 14 days to process.

Other companies are providing good health insurance packages, and it all depends how heavy your pocket is and what is the range of ages of your family members. The costs of h health insurance are dependent on the age because oldies usually fall sick earlier than young ones. Therefore, the medical costs for their treatment go up and with that medication cost also shoots up. Therefore all plans have to be revised according to the age of the people availing the plan. We recommend you do not compromise on the health safety issue as your survival is most important because all lives matter!