Every day the topic of health insurance pops up in conversation ... "Do I have enough, Is my house covered, can I afford to buy health insurance?" Floridians have had enough of recent insurance price increases and vow to force Congress to fix Florida's insurance problem. Rates for both property and health insurance have gone up considerably since Katrina hit the Gulf Coast 18 months ago -- some premiums have more than tripled. Insurance carriers like State Farm were hit with billions of dollars in losses and one expert says, "It's now time for them to make up the difference." Insurance consultants [www.FloridaHealthInsuranceWeb.com is helping solve the problem with free insurance consultations.
Affordable Insurance?
Finding affordable health insurance has never been easy; it is not "one size fits all." Now, with the increases in policy rates, hardly anyone in Florida can "afford" to stay healthy. Depending on your current state of health, budget and individual needs, the best insurance for you may be far different than the best insurance for a friend or another family member. What can you do protect your family? Contact an expert insurance consultant and talk to them about your needs. They can show all available policies, not just one policy from one carrier.
Florida's new governor may or may not help the situation. Residents say "without new laws to protect them against insurance companies there is no help in sight." Don Winters, longtime resident of Palm Beach said in an interview with F.N.N., "Either we get affordable health insurance, or we'll find a Governor "like Arnold" who will get it for us ... there is no other option."
One thing you can do to find the best policy now for your health or home is to have a basic understanding of the various types of insurance that are available in Florida, and what each does and does not cover. That can be helpful in determining which plan will work best for you. Before you buy insurance for any purpose, a talk with a "Florida health insurance consultant" can save literally thousands of dollars per year.
Picking Policies
"Which policy to choose, how much deductible is right, is my prescription drugs covered" these are the things that are on most people's minds when they look for health insurance. In Florida there are many insurance agents, selling their special type of health insurance policy. These policies vary from agent to agent, even in the same city, so the best bet is to search all available insurance companies through a insurance "portal": www.FloridaHealthInsuranceWeb.com
Traditional health insurance is called "fee for service" or 80/20 coverage. This is most likely the type of insurance that you grew up with. With that type of health insurance, you are entitled to visit any doctor you choose, and the insurance company pays 80 percent of the bill.
Explain: 80/20 Plans
This (80/20) type of insurance offers the greatest flexibility, but carries the highest out of pocket expenses. One thing to remember ... a deductible must be met before the insurance company will pay a dime. Another point to remember about buying health insurance; the lower your monthly premium, the higher the deductible will be. The insurance company usually reserves the right to cap payments if, in their opinion, the doctor's fees are higher than what is thought to be "reasonable and customary" in your area. This is an excellent type of coverage to have if you become extremely ill and require a network of specialists, or if your medical bills are astronomical. Once your expenses for the year reach a certain level, the insurance company will take over and pay 100 percent.
PPO & HMO Plans
There are two basic types of managed care -- HMO and PPO. With a Florida HMO, or Health Maintenance Organization, you pay a monthly premium in exchange for comprehensive medical care. There is usually a small co-payment for doctor's visits (usually ranging from $5 to $25), and a somewhat higher co-pay or deductible is needed for hospitalization. The upside to this HMO Plan is: Your out of pocket expenses are significantly easier to predict and manage with an HMO rather than a fee for service plan. However, the downside of this plan is: an HMO introduces the concept of a "gatekeeper." In an HMO, you must choose a primary care physician. That doctor, working in tandem with a risk management insurance officer, will determine your access to specialists. Finally, a Florida HMO plan requires you to use doctors that are part of the Florida HMO's network. If you travel a lot, be sure to find out what the provisions are should you require an out of network doctor.
The other type of plan is the PPO. A PPO, or (Preferred Provider Organization), can be considered a blend of HMO and fee for service plans. You will choose a primary care physician in Florida, and generally use doctors that are part of the organization. However, a PPO lets you see doctors who are not part of the network for a somewhat higher fee. This increased flexibility is excellent for those who travel frequently, or for those whose current doctor is not a member of the organization.
Health Savings
Many other options exist for covering medical expenses. A Health Savings Account allows you to set aside pre-tax dollars each month. Catastrophic insurance carries a low premium with a high deductible, and is designed to cover you if you develop a serious illness or injury. However, for the average consumer, the choice is generally between fee for service and managed care. All types of plans carry their own advantages and disadvantages, and it is important to understand what these are in order to make the right decisions for your family. Find out more about your available choices for health insurance from www.FloridaHealthInsuranceWeb.com.
Morgan Q. Moran is a licensed insurance agent in the state of Florida and is the managing partner of The Moran Financial Group http://www.floridahealthinsuranceweb.com. His strong background in financial management includes: insurance, annuities, and asset management. He has proven methodologies to help his client with all aspects of financial risk management. Morgan holds a B.S. degree from the University of Vermont in Business Administration with concentrations in both marketing and finance
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