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Understanding the Terminology of Affordable Health Insurance Plans

There are several affordable health insurance plans that are currently available. For the uninsured population, which is estimated to be 16% of people in the United States, inexpensive health insurance options can literally save you thousands of dollars – especially if an unexpected injury or illness occurs. Regardless of your budget, there are low-cost health insurance plans, some which start as low as $50 per month.

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An Overview of Affordable Health Insurance Plans

  • Fee-for-Service Plan – is a traditional type of health insurance plan that allows the recipient to choose any type of medical provider. Once the insured reaches their set deductible for the year, then the Fee-for-Service plan will pay a percentage of your bill, typically around 80%. The other 20% is considered to be coinsurance.

  • Managed Care – is a type of health insurance plan that provides health care services at a reduced rate. To receive the discounted rate, members most follow specific rules and regulations.

  • Health Maintenance Organization (HMO) – is a type of health insurance plan in which an individual or family receives a wide-range of health benefits for a predetermined fee. There is only small co-pay per office visit that is around $10 to $25.

  • Preferred Provider Organization – is a health insurance plan that works with a specific network of healthcare providers. Recipients of this type of plan can also choose a healthcare provider not within the network, but at a greater cost. For example, when using a healthcare provider within the network, 90% of the fee is reimbursed, but only 60% when using a non-network physician.

What to Consider When Choosing an Affordable Health Insurance Plan

When choosing between several different affordable health insurance plans, it is important to consider how each plan handles co-payments, coinsurance, coverage, deductibles, pre-existing conditions and limitations on drugs, specialist care, and certain devices. There are numerous affordable health insurance plans that suit a wide variety of needs and budgets.

No matter what your monthly income is, there is an inexpensive health insurance plan that will provide coverage to protect your health and financial well-being. Do not take the risk of being uninsured when there are so many affordable health insurance plans from which to choose.

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