Health Insurance is a policy issued to the insured by health insurance agencies. Health insurance can be obtained individually or through employer.
Many employers provide good health insurance benefits to employees and there is no need for the employee to pay monthly insurance premium amount. With few employers, either you have to pay a minimum monthly amount or you have to take your own individual insurance.
For getting good individual health insurance, monthly premium amount would range from $500 or above, and the amount depends upon the place where you live, the coverage that you are interested in, the optional riders and the health problems, previous medical history, etc.
For the insured’s medical expenses or treatments, the health insurance agencies pay specified amount to doctors and hospitals according to the coverage. Some of the reputed health insurance agencies in US are United Health Care, Cigna, Blue Cross, etc.
Tips:
If you get health insurance from your employer, try to find out the type of plan, co-payment, the calendar year deductible, out-of-pocket limit, lifetime maximum, prescription drugs, maternity services, additional optional riders etc., from your plan. This would give you an idea about the amount that has to be paid if you visit a doctor or hospital.
Before applying for health insurance plans, compare the product features (co-payment, the calendar year deductible, out-of-pocket limit, lifetime maximum, prescription drugs, maternity services, additional optional riders, preexisting conditions etc) of different health insurance plans available in the market.
If you are enrolled in individual health insurance, and if you want to buy a different plan, do not cancel the present health insurance before you get the new insurance approved. At times, your application with the new insurance may be declined and thereby making it difficult for you to get another health insurance immediately.
It is very important to take health insurance plans since medical expense treatment and hospital treatment is very costly in US.
There are many insurance agencies that provide health insurance plan for short period. For example, if you move from one employer to another employer, for a month or two, you may use these plans. This health insurance may be costly and again it is always better to have some health insurance plan.
In case you move to a new employer as an independent contractor and you have to pay high health insurance, you can ask your previous employer about the COBRA plan. You can use this plan for 18 months.
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