When it’s time to compare Florida health insurance plans, a lot of people quickly become bewildered trying to read the “fine print.” It’s often much simpler to start with the “big picture” and work down to the details. The lowest premiums usually are attached to the plans that shift more burden back to you. Plans with deductibles, including HSA-qualified high deductible plans, tend to cost less. If you’re pretty healthy, you just might want to take a serious look at this type of coverage now.
High deductible plans that are available now pay for preventive care, like annual checkups and screening procedures to detect chronic or serious diseases. And, you can get these services without out-of-pocket costs. No deductible or co-insurance or co-pays apply.If you wish to learn more about this, visit Florida Health Insurance Network.
More Florida Health Insurance Clarity Of Terms Is On The Way
Do you realize that overlooking a small detail in your policy or misinterpreting how your plan works can expose you to unmanageable medical debt? That’s not news, though. The Health and Human Services Secretary Kathleen Sebelius says that type of confusion is one of the main reasons why people put off getting coverage. It’s not that easy to decipher all of the variables, compare this section to that, and put all of the puzzle pieces together to form a coherent picture of what is and is not covered. Sebelius wants to make it easier for people to understand insurance terms to help them get the coverage they think they’re really buying.
According to her, HHS will implement new rules to help millions of people compare their Florida health insurance options with an easy-to-understand summary of the benefits and coverage. And, this will be available by next year. The summary includes a uniform glossary of commonly-used terms in health insurance, such as “co-pays,” “co-insurance” and “deductible.” Misinterpreting any of these could lead to unpleasant surprises, if not major medical debt.
There are also some basic things you can watch out for to protect yourself. Although high-deductible plans can mean lower health insurance premiums than co-pay plans, the deductibles are not all structured the same. You could lose money by comparing plans that have the same deductible amount but apply the deductible differently. It’s like comparing apples to oranges. You’ll only find the lowest cost when you compare policies that provide the same amount of coverage.
Here’s one such example. If you are getting a high-deductible plan for a family of four, you need to check whether the annual deductible is per person or not. If you get a $5,000-deductible plan, for instance, does that mean all four of you have to spend $5,000 in a year before your coverage begins? There’s a big difference between having to spend $20,000 or $5,000 to the meet the annual deductible.
Exclusions on coverage can also set you back with unexpected out-of-pocket costs. There are health insurance plans for Florida that excludes certain health care, such as out-patient treatment or prescriptions. Prescriptions are often among one of the biggest annual health care costs, so check which medications are covered by your plan to avoid huge out-of-pocket costs.
Beyond different categories of coverage, there are also different forms of managed care, which basically refers to the kind of provider network the plan has. The two main types are HMOs and PPOs. Both have advantages and disadvantages, but not understanding the differences can cost you a lot of money.
HMO plans usually exclude coverage for services from out-of-network providers. That may not be a problem if your doctor is in-network, but you’ll essentially have no coverage to see an out-of-network doctor. PPOs, on the other hand, pay more for services from in-network providers, but offer partial coverage for providers outside of their network.