Questions on Health Insurance
Health insurance is coverage that is either offered through an employer or purchased as an individual or family plan. The amount of health insurance to purchase depends on an individual's needs and the costs for the coverage. There are many questions concerning health insurance such as looking for group or individual health insurance and the type of health plans that are available.
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Individual Insurance
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Individual insurance is a type of health insurance that is purchased by a single person or family. This type of insurance typically requires a health questionnaire to be completed as well as undergoing a medical examination. An insurance company can then assess the risks posed by the individual. An insurer can deny the applicant or issue a policy that has coverage limits or a high deductible.
Group Insurance
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Group heath insurance is normally offered by an employer but can be available for other types of groups and associations as well. Many group insurance policies are issued without a requirement for a medical examination or even a questionnaire. This is because most group plans have enough members to cover to balance the costs of insuring individuals in good health as well as poor health. Group health insurance may also offer more coverage options than individual health insurance.
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Base Plus Plan
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One type of insurance plan that is available is called a base plus plan. A base plus plan is offered in two parts which include basic medical coverage and the second is major medical coverage. Basic medical can consist of a doctor's visit and various types of tests such as diagnostic and blood work. This type of plan may have limits on certain expenses such as the number of doctor's visits but no deductible may be required. Major medical covers other types of expenses but a deductible is generally required.
Types of Payments
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All types of insurance whether group or individual have various types of payments that need to be made such as a deductible or coinsurance. A deductible is the amount that an individual must pay before additional expenses are covered. A higher deductible that is selected will result in a lower cost for a health insurance plan. Coinsurance is the amount an individual must pay before the insurance plan will pay the rest. The typical coinsurance amount for an individual is about twenty percent with the insurer paying the remaining eighty percent.
Additional Plans
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Some types of insurance have additional plans that are part of the coverage or can be purchased separately. Some of these plans include dental, vision and prescription drugs. Group health insurance typically includes the option for dental, vision and prescription drugs. Individual health insurance may require that one or more of these additional plans be purchased separately.
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