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. Is is the compensations 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.