How to Decipher Health Insurance Quotes
- 1). Read the materials each insurance company has provided when deciphering health insurance quotes. For example, one company may be significantly higher than the next. Determine why this is.
- 2). Look at the deductible for each company's quote. The deductible is the amount of money you must pay toward health care annually or monthly before the insurance will cover your medical care payments. This number may differ greatly between companies, even when comparing apples to apples.
- 3). Determine if the insurance quote is for a PPO or an HMO. If they have a wider range of doctors and lower co-pays, you may find it is a better deal for you. HMOs are Health Maintenance Organizations. They are groups of medical practitioners that have agreed to practice medicine for you for a set price. There are many restrictions with the types of coverage available to those belonging to HMOs. PPOs are Preferred Provider Plans. They are groups of practitioners who agree to work with an insurance company's plan. These usually include larger groups of specialists. There are often fewer restrictions for which specialists you can go to under a PPO plan. However, PPOs are typically more expensive.
- 4). Inspect the limitations. Every health insurance quote will protect you against high medical bills. Observe what the monetary limits are for the quotes.
- 5). Know the amount you pay under each plan for prescriptions. Some health insurance quotes cover the entire expenses for prescription medication; other quotes require you to pay a nominal fee or most of the cost.
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