New York Health Insurance

New York Health Insurancetime, and may be an ideal solution for those
Health insurance is insurance that pays for all orbetween jobs or those waiting for other health
part of a person's health care bills. A healthinsurance to start. Typically, short-term plans
insurance policy is an annually renewable contractoffer coverage up to six months, although some
between an insurance company and an individual.plans may offer coverage up to 12 months.
With health insurance claims, the individualPurchasing a short-term medical insurance plan will
policy-holder pays a deductible plus co-paymentmake you ineligible for any guaranteed issue
(for instance, a hospital stay might require theindividual health plans commonly referred to as
first 1000 dollar of fees to be paid by theHIPAA (Health Insurance Portability and
policy-holder plus 100 dollar per night stayed inAccountability Act) Plans. HIPAA plans are usually
hospital). Usually there is a maximumvery expensive and are generally intended for
out-of-pocket payment for any single year, andpeople with pre-existing medical conditions who
there can be a lifetime maximum.would have trouble getting health insurance
The purpose of health insurance is to help peopleotherwise.
cover their health care costs which usually includeMedical Savings Account (MSA)
doctor visits, hospital stays, surgery, procedures,Medical savings account (MSA) is the most recent
tests, home care, and other treatments anddevelopment in the area of health insurance. The
services.principle behind the MSA is to take the bulk of the
According to the latest United States Censusfinancial risk, and premium payments, away from
Bureau figures, around 85% of citizens havethe managed care and indemnity insurers, and
health insurance. 59.5% of these people receiveallow individuals to save money, tax free, in a
their health insurance coverage through ansavings account for use for medical expenses.
employer, and about 9% purchase it directly fromIndividuals or their employers purchase
the market. Government sources cover 27.3% ofmajor-medical policies, medical insurance policies
the population. Those without health insurancewith no coverage for medical expenses until the
coverage are expected to pay privately foramount paid by the patient exceeds a
medical services.predetermined maximum amount, such as 2500
Types of New York Health Insurance ( ) Thedollar per year. These policies have extremely high
types of health insurance in New York are groupdeductibles and correspondingly low monthly
health plans, individual plans, and governmentpremiums and the participants take the money
health plans such as Medicare and Medicaid. In thethat they would have spent on higher premiums
United States, government-funded Medicareand deposit it in an MSA. This money accrues
programs help to insure the elderly and end stagethrough monthly deposits and also earns interest,
renal disease patients.and can be spent only to pay for medical care
Group Health PlansWhat's The Best Health Insurance Plan?
A group health plan offers health care coverageThere is no one "best" plan for everyone. The
for employers, student organizations, professionalbest match for you and your family may be
associations, religious organizations, and otherdifferent than the best match for someone else.
groups. The employer may pay for part or all ofIn order to help you answer this question, here
the insurance cost (premium).are a few things to consider:
Individual and Family Health Insurance1. Are you going to need long-term coverage or
Individual and family health insurance is a type ofjust something for the short-term?
health insurance coverage that is made availableIf you're between jobs for 1-6 months, you may
to individuals and families, rather than to employerwant to go for short-term coverage options.
groups or organizations. These types of healthAlternatively, if you have no prospects of
care plans are sold directly to individuals. For thosereceiving group health insurance coverage through
of you who are unemployed or self-employed, anan employer, you may value the stability and
individual health insurance policy is always anincreased benefits offered through an individual
option. Unfortunately rates for these policies areand family health insurance plan which will provide
high and the coverage is usually lesslonger term coverage.
comprehensive than a managed care plan. The2. Are you looking for basic coverage or more
good news is that, in many cases, your insurancecomprehensive coverage?
premium will be tax deductible. Of course, if you'reSome insurance plans offer basic coverage (i.e.,
married, you can always try to catch a ride onprimarily inpatient hospitalization and outpatient
your spouse's group health insurance benefits plan.surgery coverage) to cover you in case of a
Health insurance can be further classified intomajor accident or illness. These insurance plans
fee-for-service or indemnity (traditional insurance)typically have a lower monthly premium than
and managed care. Both group and individualplans with more comprehensive coverage, and
insurance plans can be either fee-for-service ormay be appropriate for people who intend to use
managed care plans.their insurance primarily in the event of a serious
Managed Care Health Insuranceaccident or illness. Other insurance plans that offer
These include HMO, PPO, and POS plans.more comprehensive coverage may include
Managed-care plans typically make use ofbenefits such as preventative care, physician
healthcare provider networks. Healthcareservices, prescription drug benefits and routine
providers within a network agree to performoffice visits. These insurance plans typically have a
services for managed-care plan patients athigher monthly premium than plans that only offer
pre-negotiated rates and will usually submit thebasic coverage, and may be appropriate for
claim to the insurance company for you. Inpeople who intend to use their insurance on a
general, you'll have less paperwork and lowerregular basis.
out-of-pocket costs with a managed care health3. Would you pay for your services before you
insurance plan and a broader choice of healthcareuse them or when you use them?
providers with an indemnity plan.If you choose a health insurance plan with a low
There are three main types of managed caremonthly premium, you're likely to have a higher
plans:co-payment or deductible. If you don't anticipate
• Health Maintenance Organizationsmaking frequent use of your health insurance
(HMO)coverage, a higher-deductible plan with a lower
• Point-of-Service (POS)monthly premium may suit you best.
• Preferred Provider Organizations (PPO)4. How important to you is easy access to
All of these plans offer substantial health insurancespecialists?
benefits to members and their families. If you'reHealth insurance plans that require you to
fortunate enough to have a choice of plan,coordinate your care through a primary care
consider the advantages, and disadvantages, ofphysician typically require that you obtain a
each. Compare the cost of care, the difference inreferral before seeing a specialist. So, if you
premiums, deductible amounts and your freedomprefer easier access to specialists, you may wish
to choose a doctor outside the plan. There areto consider a different type of plan.
numerous other coverages to compare as well --5. Do you have a specific doctor or hospital that
from prescription drugs to dental to alternativeyou would like to visit for healthcare?
therapies. Be sure you understand the fine pointsSome insurance plans utilize provider networks.
of each.Pay special attention to the network of doctors
Indemnity or Fee-For-Service Planor facilities that each health insurance plan utilizes.
Normally it covers the same expenses asAlso note that networks utilized by health
managed care. The difference is your doctor isinsurance plans can change, so there is no
paid for each visit with the claim filed by eitherguarantee that your doctor will always be
the patient or the medical provider. A bigcontracted with your chosen health insurance plan.
advantage-- unlike some managed care plans,6. What is the most you could pay out in case of
Fee-for-Service allows the patient a great deal ofa serious illness or injury?
freedom in choosing which doctors and hospitalsHealth insurance plans typically place limits on how
to use, but will probably involve highermuch a member is required to pay out per year
out-of-pocket costs and more paperwork.for his or her healthcare. This limit is often
However, you'll likely be required to pay an annualreferred to as an out-of-pocket maximum. Once
deductible before the insurance company beginsyou've contributed this maximum amount toward
to pay on your claims. An Indemnity plan mayyour healthcare, the health insurance company
also require that you pay up front for servicestypically covers all other costs for the remainder
and then submit a claim to the insurance companyof the benefit year. If you're concerned about
for reimbursement.what may happen to you in case of a serious
Short-Term Health Insuranceillness or injury, you may wish to pay special
Short-term health insurance plans are designed toattention to the out-of-pocket maximums for the
protect against unforeseen accidents or illnesses,health insurance plans you're considering.
rather than to provide comprehensive coverage,No matter what insurance plan you may choose,
and, as such, typically do not include coverage foreducate yourself and understand all the basics of
preventive care, physicals, immunizations, dentalthe health insurance before finalizing anything.
or vision care. It covers for a limited period of