Understanding Your Health Insurance Options

An unexpected accident, injury, or illness can leave a family owing hundreds of thousands of dollars in medical bills. The results can be financially devastating. That is why it is so important for you to talk with your Lombard, IL health insurance agent and let him explain your options for purchasing adequate and affordable health insurance. Your family’s financial stability may depend on upon you are navigating health insurance options.

One question you may have is, “How much health insurance should I buy?” The answer is, as much as you can afford without putting yourself in a financial bind. The more coverage you have, the less you will have to worry in case the unthinkable happens. Your Lombard, the IL health insurance agent, can help you in determining how much coverage you need and how much you can reasonably afford. Here are some considerations to keep in mind when considering which health insurance plan to navigate:

1. Cost – You want the most affordable plan available while still receiving quality care.

2. Out-of-pocket Expense – You need to consider out-of-pocket expenses when purchasing health insurance. This includes co-pays and deductible amounts. The deductible is the amount of money you will have to pay before your health insurance starts paying your claim.

3. Preferred Provider Organizations – Preferred Provider Organizations, or PPOs, are health care providers that are preferred by your insurance carrier. If you use these health care facilities and providers, the charges for their services will be less than a provider who is not listed in their plan.

4. Home Maintenance Organizations – Home Maintenance Organizations, or HMOs, are plans where the insured can pay a flat monthly fee for coverage. After paying this fee, the insured has to pay little or no deductible at the time of service. As with PPOs, if you choose a provider outside of the HMO network, you may have to pay most or all of the cost of service.

Another option that can help you with health-related expenses is a health savings account. With a health savings account, you can set aside savings to help pay for health insurance deductibles in a tax-free savings account. The savings account is only tax-free provided you use the money for related medical expenses. These plans are available to people who have “high-deductible” health insurance policies. Your insurance agent may have more information for you about health savings accounts and how they can help you with medical expenses.

If you have questions or do not fully understand the health insurance coverage options available; your Lombard, IL health insurance agent can schedule a consultation with you to explain your options and help your select the right health insurance plan for you and your family. It is important for you to have the right health insurance coverage before you or your loved ones suffer an unexpected illness or injury.

The final option would be getting health insurance only for specific illnesses. This should be used only if you cannot afford anything better and have no other choice to resort to. In fact, policies like these are often used by people in case they want to save money by not opting for a comprehensive coverage but need some insurance backing them up.


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