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Understanding Modern American Health Insurance

Health insurance is a product that everyone should have. No one is required to have it by law, but it is definitely a great idea to get it. The health insurance marketplace has been a little up and down over the past few years with so many rapid changes, but you can rely on us to find and provide the best information that will give you all the details you need to know. So, keep reading to learn all about health insurance!

Short Term

If you need health insurance for a short period of time you might be wondering how you can get a short term health insurance plan. This is not a usual thing but it might be common for foreigners who are traveling to the US for a relatively short amount of time or people who might find themselves uncovered for a few weeks or months due to work changes. Short term plans are not really included in the Affordable Care Act exchanges so you will have to find them from a private company. This is also called temporary health insurance coverage. When the ACA had a tax penalty for not having insurance, this type of plan would not fulfill your minimum coverage requirements. But now that tax law is different so it doesn’t matter!

Fixed Indemnity Insurance

Fixed indemnity is more of a supplemental plan that will get you covered for specific things that could happen to you. You never know when a tragedy will occur so it is worth it to get something like this in addition to health care coverage. It gives you a specific payout for specific injuries or illnesses. For example, this type of plan might pay $150 for every day you are in the hospital or $50 per urgent care visit. This type of plan is great for people who are pretty healthy and don’t expect to use health insurance much, or for people who want to use it as a supplement to regular health insurance. Many people like indemnity insurance because it can help to cover costs of plans with a high deductible. The plans for this type of insurance do not have a deductible and the amount paid out is always the same. This is great because it could be more than the total cost of the procedures so you can have some extra to cover living expenses when you’re feeling ill

Medicare

Medicare is a nationalized health insurance program for anyone who is over the age of 65. They created this program because older people are often on a fixed income. They don’t have enough money sometimes to pay for normal health insurance so they need a leg up in this department. It is also for people with disabilities and people with end-stage renal failure. So, what is Medicare exactly?

Part A

Medicare Part A is all about hospital stays. This will help to cover members if they need to stay in a hospital, a hospice facility, or even in a nursing home. It may cover some aspects of home health care too. It should be noted that for some situations, certain conditions must be met to ensure coverage so make sure you are in the right situation.

Part B

Medicare Part B is somewhat like a normal health insurance. This is the part that will cover all of your normal doctor’s visits and preventative care. Your yearly physical and when you go to the doctor for a case of strep throat or a bad cold would be covered under this part. It also covers any medical supplies you might need to properly treat your medical issues.

Part C: Medicare Advantage

A Medicare Advantage plan is a plan through a private company that provides you with coverage for Part A and Part B. It sounds confusing but it is very similar to regular insurance in that consumers can choose from an HMO or a PPO, and you will pay a monthly premium. Some people feel that these plans are a bit better than just regular medicare but you will get the same coverage and services from your doctor as long as they take your type of insurance.

Part D

This portion of medicare is for prescription drug coverage. The problem with this plan is that each one has a list of drugs that they will cover and the list could change at any time. You can see how that would be frustrating. However, most general things that a majority of people might need at some point are usually covered.

Medicaid

Medicaid is another type of federal health insurance program. It is for people who are low-income and who need some assistance in getting healthcare. It is for anyone but especially low-income families, children, pregnant women and people with disabilities. Each state may have their own Medicaid programs. For example, California’s program is called MediCal. However, other states just use the federal program. Overall it is a good program and it is very good for people who would otherwise not be able to afford any type of healthcare with soaring costs in the US.

Vision Insurance

In the US, vision coverage is usually not included in your normal health insurance plan, but it can be added on. It is usually much cheaper than just regular health insurance because it only covers your eyes. Many jobs offer vision insurance as a benefit too. It will typically help you to pay for eye exams and the cost of new glasses or contacts if you should need them. Some plans will also help you to pay for laser eye surgery to permanently improve your vision!