Health2024-06-21T13:47:03-07:00

Health Insurance in Arizona

Shopping for health insurance is complicated. There are so many different options and the rules regulating it always seem to be changing. But health insurance is very important, it serves as a protection for you and your family. At Wealth Guardian Financial we are here to help you find the perfect policy for your needs.

Health Insurance Overview

Before you begin shopping for a policy it is important that you understand basic health insurance terms and principles. This will arm you with the knowledge you need to ensure you are getting the best deal

– Different Types of Plans:

  • HMO (Health Maintenance Organization): An HMO uses a primary care provider (or PCP) as your main source of care. To meet with a specialist, you must receive a referral from your PCP. You must stay in your plan’s network of doctors to receive coverage. This is the most common organizational structure on the market today.
  • PPO (Preferred Provider Organization): Like an HMO, with a PPO you must stay within your plan’s network of providers to receive full coverage. However, you do not have a PCP, nor do you a referral to see a specialist. You also have the option of seeing an out of network provider, but your coverage will be reduced.

– Common Health Insurance Terms:

Here are a few terms that you need to know so you can understand what costs you will be responsible for.

  • Premium: This amount is generally paid monthly to the insurance company. It is the compensation for the coverage you receive under your health insurance policy.
  • Deductible: This is the amount you have to pay annually before the insurance company starts to pay.
  • Co-Insurance: After you meet your deductible, the bill is split between you and the insurance company. The term for this split is co-insurance. For example, if you have 80/20 co-insurance and you receive a doctor’s bill for $100, you will be responsible for 20%, or $20. The insurance company will pay the remaining 80%, or $80.
  • Co-Payment: Your co-payment, or co-pay, refers to a flat fee that you pay for specific services. Your insurance policy will list out what services have a co-pay and how much it is. If a service had a co-pay, you will not be responsible for any co-insurance. For example, if you have a $30 co-pay for a doctor’s visit, you will only have to pay that amount and the insurance will cover the rest.

Finding Your Health Insurance Policy

To find a health insurance policy that works for you, you will need to consider several different variables, including:

  • The Total Cost
  • Coverage and Benefits
  • Doctors and Hospitals Covered
  • Exclusions and Limitations

At Wealth Guardian Financial we can analyze your needs and financial situation to help you find the best policy. Make an appointment to meet with one of our agents. They will help you to understand all of your options and help you pick from the top carriers to find a health insurance policy that covers your health care needs and is the right price for your budget.

206, 2023

ALTCS Financial Basics

By |June 2nd, 2023|Financial|

ALTCS Financial Basics Medicaid is state-provided health coverage for low-income Americans. It can also cover long-term care. Each state has its own system for providing this coverage. In Arizona, this program is the Arizona Long-Term Care System (ALTCS). In this article, we will cover the basics of what ALTCS covers and the financial components involved with qualifying. ALTCS Basics ALTCS is available to residents of Arizona. To qualify you must be over 65 or [...]

3101, 2023

Frequently Asked Health Insurance Questions

By |January 31st, 2023|Financial|

Frequently Asked Health Insurance Questions As open enrollment comes to a close, we have found there are many common questions people have. In this article, we will answer four frequently asked health insurance questions. 1. Why can’t I enroll in a plan at any time of the year? Each year open enrollment last from November 1st until January 31st. This is the only time you can enroll in a health insurance plan. You can also [...]

1011, 2021

Flexible Spending Account Basics

By |November 10th, 2021|Financial|

Flexible Spending Account Basics A flexible spending account, or FSA, is a type of tax-advantaged health plan offered by employers. In this article, we will go over the basics of how a flexible spending account works. Setting Up an FSA A flexible spending account is only available if your employer offers it. If you have a health plan through your employer and they offer FSAs, you will need to contact the appropriate department at [...]

305, 2019

Common Health Insurance Questions

By |May 3rd, 2019|Financial|

Four Common Health Insurance Questions Even though health insurance is something that is part of most people’s lives, many do not fully understand it. This can cause confusion and make it hard to understand if you have the best policy or not. In this article, we will go over four common health insurance questions to help clear up the confusion surrounding health insurance. What is the Difference Between an HMO and a PPO? HMO [...]

2809, 2018

SHOP Basics

By |September 28th, 2018|Financial|

SHOP Basics SHOP stands for Small Business Health Care Options Program. The SHOP allows small business owners to be able to offer Health Care coverage to their employees. In this article, we will go over SHOP basics so that you can successfully enroll in a plan for your small business. Eligibility The first step is to determine if you are even eligible for SHOP coverage. To qualify you must meet the following requirements: Have [...]

2603, 2018

Medicare Verses Medicaid

By |March 26th, 2018|Financial|

Medicare Versus Medicaid Many people confuse Medicare and Medicaid. Though they both help cover medical expenses, they are two very different government programs. In this article, we will compare Medicare versus Medicaid. We will go over what they cover and how to qualify for one or both. Medicare Medicare is for people over the age of 65 of those with a qualifying disability. If you pay Medicare taxes on your earnings you are automatically [...]

Go to Top