Individual Health Plans Marysville
With the cost of medical care on the rise, it is becoming increasingly important to ensure that you have adequate health insurance to cover these costs. The right insurance policy will safeguard your finances while still allowing you to obtain the vital care you need.
An individual health insurance plan covers the cost of medical care, hospital stays and prescription drugs. This type of insurance will provide you with access to excellent hospitals and doctors. At the same time, your plan will cover costly prescription drugs. Let the experts at Bravos Insurance help you get started.
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Individual Health Insurance Coverage
With increased competition and the introduction of the Affordable Care Act (ACA), health insurance plans now offer a number of benefits and cover the cost of nearly every medical issue.
Elective procedures and dental care are typically not covered under an individual health insurance plan. However, you can purchase supplemental dental insurance to ensure that you have complete healthcare coverage.
Understanding Cost Sharing
In addition to a monthly premium, nearly all health insurance plans have “cost sharing” expenses. These expenses are designed to help keep the cost of insurance down and allow insurance companies to provide better service to their customers. While every insurance plan is unique, there are some common cost sharing features that most plans share. These include:
- Deductible – This is the cost sharing feature that most consumers are familiar with. A deductible is the amount of money the insured must pay out of pocket before the insurance company will pay for medical care. A policy’s deductible may be as little as $500, or it may be as high as $5,000. Generally speaking, the lower the deductible is, the higher the premium will be.
- Coinsurance – Once a deductible has been met, the insured will pay a certain percentage of the medical expenses. This percentage is known as Coinsurance, and it has a cap dollar amount. If a policy has a coinsurance of 20% and the cap is $4,000, the insured would pay 20% of his or her medical costs until the $4,000 maximum was reached. Once the cap has been reached, the insurance company will typically pay 100% of medical costs covered by the policy.
- Copay – Copay refers to the fixed dollar amount the insured pays for specific benefits. Prescription drugs and doctor visits typically require the insured to pay a copay.
- MOOP (Maximum Out of Pocket) – Every policy has a maximum out of pocket amount. This amount is the maximum amount the insured will pay out of pocket for their medical expenses each year.
Purchasing an Individual Health Insurance Plan
Most Americans obtain their health insurance from their employer. These plans are referred to as Group Health Insurance. If you are self-employed, unemployed or working part-time, you can purchase an individual health insurance plan yourself. Individual health insurance can be purchased directly from the insurance company, or through an insurance agent. Contact us today for more information!