INDIVIDUAL AND FAMILY PLANS
- WHAT'S AVAILABLE?
The insurance market provides many different plans. What I'm going
to discuss now are the two most popular
and familiar options for the individual
or family. Most consumers have had at
one time a PPO or HMO type of insurance
coverage. These plans fall under the
title of managed-care. Managed-care plans
typically use provider networks. Using
these networks guarantee that you will
get the negotiated rate.
This is a substantial reduction of health care cost. Another advantage
is that the network providers do the
claim billing for you. All of this means less
paperwork and lower out-of-pocket cost.
Some new plans are now becoming very popular known as "Health
Savings Accounts". These high deductible
plans allow you to set up a tax-deferred
savings account using pre-tax dollars.
This is similar to an IRA. It is referred
to by many as a health insurance IRA.
The insurance broker can help you understand
with all these options.
- Dave Ballard
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