Health insurance is one of the most valued benefits offered by employers or purchased by an individual. This type of insurance comes in three types: HMO (health maintenance organization), PPO (preferred provider organization, EPO (exclusive provider organization), and POS (point of service organization).
Each of these health insurance options offers a specific set of benefits, varying in cost. Choosing the right plan for you or a family requires understanding what a plan provides in benefits. A local insurance agent can explain your options and help you decide the plan that will best match your needs and budget.
If you have a medical provider, clinic, or hospital you trust, the provider must be contracted in the health insurance plan’s health network. Health insurance policies have a list of the in-network medical professionals you can review before settling on a plan.
Long-Term Care Insurance
Long-term care insurance covers the cost of services an individual needs when they cannot care for themselves. These policies can provide benefits to pay for in-home care, the cost of a nursing home, assisted living facility, or an adult daycare center. Standard health insurance policies do not cover long-term care, and Medicare pays for only short-term stays at nursing facilities.
It is advised that you purchase long-term care insurance in your younger years, as the cost is less. As the years pass, the rates increase. Most insurance companies will not issue long-term care policies to people aged 75 and older. Rather than depleting your estate to pay for the cost of a nursing home, long-term care insurance is an intelligent way to protect your assets.
Dental Insurance
Some health insurance plans offer the option to include dental insurance, which discounts a range of dental services. Review the benefits of a health insurance plan if you are interested in a plan that offers dental insurance coverage. You can also purchase a stand-alone dental insurance plan.