Health Insurance Quotes in Edenton, NC
Health Insurance Quotes and Plans in Edenton, NC
Health insurance covers part of the insured person's health expenses. Some surgical costs as well as other medical expenses are covered under health insurance. Various health insurance plans exist. Some plans require the insured to pay their own expenses and then get reimbursed by the insurance company. Other health insurance plans require the insurance company to pay the medical treatment provider directly.
In Edenton, NC, health insurance is typically provided by full-time employers and also through private insurance plans. Medicaid and Medicare, both of which are federal programs, offer low-cost health insurance to the poor and to elderly citizens, respectively.
Consumers can choose from many levels of health insurance coverage. In general, the more expensive plans offer more coverage or even full coverage. The least expensive plans only cover major health problems and events. MyRatePlan allows consumers to compare various insurance plans in Edenton, NC, and get a free quote online.
Health Insurance Plans in Edenton, NC
It can be quite hard to figure out how much coverage is needed for a particular year. That means that looking for the best policy to fit an individual's needs involves making the most educated guess possible. The best way to make a good estimate of your needs for the future is by assessing your past needs. A person who does not have any conditions that require regular medical visits, and who has stayed relatively healthy in recent year will likely be well suited by a lower costing policy with limited coverage. On the other hand, a person with a chronic disorder or weak immune system who requires constant medical attention will be best served by a more expensive policy that offers enough different types of coverage to serve individual needs.
Catastrophic Only policies provide health insurance for the lowest prices available in Edenton, NC. Such policies are only for people who are healthy enough to feel comfortable with a plan that only covers the most pressing emergencies. Therefore, they are too limited for most in need of medical insurance. Even activities like frequent travel and daily chores can put people at risk for small medical needs that would not be covered in such a policy but cannot easily be planned for. While it's definitely challenging to plan for the unforeseen, small injuries and illnesses can cost much more than anticipated if health insurance coverage is not sufficient for the needs at hand.
As a general rule, the more inclusive the coverage offered in a policy, the higher the monthly premium is. Thus, medical insurance can be seen as a financial investment. The more you invest in your policy every month, the better covered you are when you have a medical need and the less you will need to pay out-of-pocket for expensive procedures, tests, and treatments. Finding a policy in Edenton, NC that covers ER visits and frequent doctor appointments will always help should health needs change suddenly. So, in deciding how much is best for you to invest in a health insurance policy, an assessment of lifestyle and the danger involved in daily activities will help towards planning for the unpredictable. The most important aspect of choosing a health insurance policy is making sure that the basics are all met, and then add more coverage based on the perceived needs from that assessment.
Edenton, NC Health Insurance Types
People soon discover that there are many types of plans for health insurance to choose from in Edenton, NC. On first glance, they may appear to offer very similar levels of coverage but the flexibility of the different plans can vary. HSA, POS, HMO, MSA, FSA, HRA, and PPO are just some of the options people have to choose from. While confusing, it is important that people understand the differences in what these options have to offer before committing to a specific plan. Picking the wrong type of plan can have a devastating financial impact. Here is an explanation of some of the more common types healthcare insurance and how they work.
PPO stands for Preferred Provider Organization. This type of plan will typically consist of a large healthcare provider network that enables the insured person to choose the doctor they want to see or visit with a specialist without the need for a referral. So long as the insured visits a hospital that is within the network, the covered person will receive the most financial coverage. However, when a visit is made to a hospital outside of the network, partial assistance for costs can be received. Co-payments and deductibles are typically associated with PPO's and there are limits on yearly out-of-pocket expenses.
Health Maintenance Organization, or HMO, is a healthcare network that requires the customer to select a primary care provider to serve as the main point of contact for all of the insured person's needs in terms of healthcare. This means that people insured with an HMO-type healthcare insurance will have to go through their primary care provider and get a referral before going to see a specialist. HMOs in Edenton, NC may have a lower premium than most other types of insurance plans, but many doctors do not accept HMO plans and means that the insured will have limited options. However, the plus side to HMOs is that there are no deductibles and out-of-pocket expenses for the insured are usually very affordable.
Point of Service plans, or POS plans, combine features of both PPOs and HMOs. Along with a decent sized healthcare network, POS plans do not require the insured to pay deductibles and have very low co-payments, so long as the insured stays within the network. If the insured has to go outside of the network, deductibles and copayments can become very high.
Health Reimbursement Accounts (HRA), Medical Savings Accounts (MSA), Health Flexible Spending Arrangements (FSA), and Health Savings Accounts (HSA) are non-traditional forms of health insurance plans that are also available in Edenton, NC. These types of accounts are usually arranged through an employer and an employee where they set tax-exempt money aside in a savings account for medical expenses. These types of plans offer flexibility and can be used for surgical treatments, prescriptions, and doctor's visits. Many of these plans will allow for unused money to be rolled over into the next year.
Cost of Health Insurance in Edenton, NC
Premiums paid for health insurance coverage in Edenton, NC, whether the insurance is used or not, are non-refundable. Though the insured pays deductibles, these are not considered out-of-pocket expenses. The former refers to the minimal amount of money that the insured pays each year before policy benefits become active, while the latter refers to the amount that the insured pays before the insurer assumes 100% of the bill. Both types of payments usually begin with a clean slate every year, meaning a zero balance.
If a deductible is $3,000 a year and $2,800 is paid out of pocket, and if the plan doesn't change and renews, then everything starts over at a zero balance with no money rolling over from the previous year. There are some exceptions to this rule in Edenton, NC that allow the paid deductible amount to rollover from the previous year to be applied to the deductible for the first quarter of the new fiscal insurance year.
Co-payments are not applied to deductibles. They are consistent payments for services rendered at the time and are the same for every visit. For example, every doctor visit will cost the same amount of money every time. So will hospital visits and visits to specialists, though perhaps not the same amount as the doctor visits. Co-payments may also consistent for prescription medication with the insured paying a certain amount or a certain percentage with every pick up. The plan then covers the remaining balance. Some policies carry a maximum lifetime benefit that reflects the maximum amount that the insurance company pays in all for the insured's healthcare. Once the maximum lifetime benefit is reached, the company will not honor any further claims.
The insured's employment status is in direct relationship to the type of insurance that is available to him or her. Employees of larger companies in Edenton, NC are more likely to have access to group health insurance plans that offer more affordable coverage than do individual healthcare plans.
The law does not specify what type of insurance an individual must obtain. The self-employed and unemployed have access to private individual policy options, retired seniors have Medicare options, and qualified low income earners have Medicaid options.
If the insured has a particular physician in mind, then it is in the insured's best interest to determine what types of insurance plans in Edenton, NC that physician accepts. He or she should also consider how changes in his or her policy may affect continued coverage with an established physician.
Get a Quote Today for Health Insurance in Edenton, NC
It's difficult to keep track of all the factors that go into your healthcare coverage. MyRatePlan makes it easy for you to compare insurance plans to determine what's best for you and your family. You can get a free health insurance quote today just by entering your ZIP code.
Saving money is always a good thing, but be sure not to skip out on insurance coverage that you may need. There are a lot of factors to consider when making your final decision. Think about what your future habits and plans are and decide accordingly. A monthly insurance bill isn't cheap, but paying out-of-pocket for an unforeseen and uncovered circumstance could cost you even more. Let MyRatePlan do the work for you while helping you find the best health insurance plan in Edenton, NC. Get your free quote today.