Health insurance very confused?

Question

What is the difference between limited benefit health insurance, and basic health insurance and major medical health insurance? And which is best. I have all kinds of people offering me limited benefit insurance that sounds too good to be true. A hundred dollar deductible is a dream, yet this is what they are promising. I'm trying to do my research before i get screwed. Thanks for the help.

Answer 1

Low deductible's are good.. but then you got the co-payment.

That could be very high.. look for that. Like we got really good health insurance $5.00 a co-pay.. but I know people that have 20 dollar co-pays so check that its not just about the deductible anymore.  Plus find out how much for prescriptions too.

Answer 2

not an expert, but have went through it. Limited will suck cuz it only covers what they offer. basic is good thats what i have. and the major is just more coverage IF something were to happen..may have child services in there and cancer insurance. so if you dont plan on getting preg. anytime soon id go with basic. with those policies if it sounds to good to be true it is. And also what ever company it is with make sure FIRST that your doctor and near hospital excepts it, if that is that you like your doctor and hospital. i had a few that were like that. hope it helps, and good luck.

Answer 3

You need a trusted adviser to help you through the process of purchasing health insurance so that you understand what you are purchasing. Some may suggest going on line to get a quote but, based on the question you are asking, you already know that there is much more to health insurance than price. If it is a "dream" price it is a discount plan it is not insurance.

Ultimately, you are the one who determines the affordability of your health insurance plan by deciding how much you will participate in sharing the cost of your health care with your insurance company.

If you choose a plan that covers everything i.e. doctors office visits, prescription drugs, preventative health benefits, maternity coverage as well as low deductibles and low copays your monthly premiums will be significant.

On the other hand if you are young and healthy and rarely use the health care system why would you want to pay a higher premium every month for a low deductible? You could, instead, consider a plan that covers only the major health catastrophe which will result in a relatively low monthly premium. You then can use the monthly premium savings to pay for the occasional doctor visit and still come out ahead.

Check with the agent that writes your home or auto insurance he/she can provide you a health insurance proposal that takes into account your budget and health situation.

Use the Internet to educate yourself but use an agent to purchase the coverage.

Answer 4

Limited benefit is just what it sounds like - you will have limited benefits covered.  There is probably a relatively low cap on the annual payouts (some as low as $,1000 - see the article below).

There are many definitions of basic health, so it is hard to discuss the difference between basic and major medical, but major medical is your typical health plan covering doctor's visits, emergency room visits, etc.

The best bet is to ask for their benefits brochure/book and compare the benefits and the premiums to determine which would be best for you.  look especially at out-of-pocket and co-pays/co-insurance as well as coverage and deductibles.

Limited benefit: http://www.medicalnewstoday.com/articles...

Answer 5

"So basically a deductible is nothing more than an amount you pay if seriously injured and admitted into the hospital right?"...

No!! :) A deductible can apply to anything on your plan--definitely ask the insurance company directly if you're unsure what it applies to. For instance, there are some plans that only apply your deductible for Hospital Charges. There are some that apply it to EVERYTHING (any services like dr visits, lab work, hospital, etc). Also, make sure you find out if you have any cost AFTER you meet your deductible--for instance, most of the time after you meet the deductible you still have to pay a percentage, which is called your COINSURANCE. That can be 10, 20, 30, 40, etc percent of the bill, so it's not always JUST a deductible you have to meet.

Answer 6

Please do yourself a favor and find a local independent agent or broker in your area to help you. This is too important an issue to walk into blindly. You will find out too late that you don't have the right kind or enough coverage for your situation.

Limited only covers a flat dollar amount-the rest comes out of your pocket.

Basic only covers doctors, and some hospital-but not much.

Major medical is what most people have. This is what you need for unforseen and accidental medical conditions. It will pay for the widest range of services available.

Answer 7

First off - you're not a dummy. This stuff is unnecessarily confusing, and gagging through it all is like eating chalk in the desert. That's why you need to find a local agent, and enroll in a major medical policy. An agent can help you find the policy that best fits your needs in minutes, and explain the benefits & exclusions in layman terms.

Don

http://mtnhealthinsurance.com