Individual Health Insurance Coverage in New Jersey
It can be a confusing task for you if you have never looked into health insurance before. There are many different types of plans on the market around the United States which vary considerably in price. Picking one that suits your own circumstances and needs can become very tricky, very quickly. So what individual health insurance plans are available?
Fee for service
Fee for service plans are designed so that you can go and visit any doctor in the whole of the United States and you will not need any referrals for specialists. This means that it is a really flexible type of insurance cover, but unfortunately the most expensive type of cover. You have to pay an ongoing monthly premium to the insurance company and also an annual deductible which is a fee that you have to payout before any health insurance plan will pay out to you. Some costs are taken out of the deductible but some are not, so do really need to read the fine print and go over it all to ensure that it is best for your circumstances.
Health Maintenance Organization (HMO)
HMO plans work by having a specific organization that you are a member of to look after your health needs. They have a high priority on keeping you fit and well and often specialise in preventative care. The reason for this is that they don’t make money if you are ill and your condition worsens, they would in fact lose money. However you do have to see doctors from an approved list rather than your own local doctor. Also if you need to see a specialist for whatever reason then you would need to have a referral from them.
Preferred provider organisation (PPO)
This is almost like a combination of the health maintenance organization plan and the fee for service plan. It has the flexibility of a fee for service plan such as seeing a doctor of your choosing but is more affordable than the fee for service plan with the added benefits of a health maintenance organization.
It is essential that you do your homework and see what the best plan is for your circumstances. If you are on a low income then the fee for service plan may not be for you. It would be prudent to get some quotes from different health insurance companies for the actual type of coverage and cost before you make up your mind as to whether one of the above plans fits our needs.
There are now many online comparison websites where you can get a rough quote and indication of price and level of cover for the above health insurance plans no matter where you live, such as New Jersey or New York. An insurance broker can also be good in giving you quotes and explaining the different health insurance plans available in the market today. Just remember to use your due diligence when it comes to taking out a health insurance plan as they are a big commitment and you want to get it right first time.