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Is it smart to purchase a co-payment health insurance policy?

smartphone and notebook copayment health insurance policyFirst, you should consider why you buy health insurance in the first place. It saves you money on your health care in two ways. It provides protection from the costs associated with unexpected illness or injury and by providing you with health care services at a much lower cost than if you had to pay for everything yourself.

Co-payment health insurance does both and these types of policies offer some of the best rates and should be considered by people interested in lower rates.

Does copay insurance fit the bill? Is it right for you? To find health insurance quotes online, simply type your zip code into the box on this page to compare rates free!

How much do copay insurance policies cost?

Costs vary from insurance company to insurance company, however Health Maintenance Organization plans (HMO) can be a bargain, particularly when compared to the premiums charged by Preferred Provider Organization Plans (PPO). Point of Service Plans (POS) plans offer much less flexibility in doctor selection and out of network services, but offer very good prices. It is important to consider not only the kind of plan, but also the type of organization that will provide it. The time you spend shopping will be well spent and can result in significant savings to you.

You will make payments for the specific amounts of out-of-pocket expenses for health care services you incur such as:

  • Routine doctor visits
  • Laboratory fees and supplies
  • Specialist referrals
  • Any prescription drugs you use

These are generally the only costs incurred by the insured, but there may be additional costs and fees.

Plans that have high deductibles often cost much less per month in premiums than others. The drawback or tradeoff is the higher out-of-pocket expenses you will be asked to pay. You can negotiate these items with your provider and in some cases possibly trade lower deductibles for higher premiums. It is very important for you to strike a balance that fits your needs and lifestyle.

Some policies that have a copay for a doctor’s office visit may also have one for visits by your doctor while you are receiving hospital care. You may have to provide proof of these hospital visits by your doctor to qualify for benefits under your policy; otherwise, you could end up paying these costs yourself.

It is always a good idea to shop around and compare plans and prices. Many times, there are significant differences in plan costs to you and you should choose the one best suited to your needs. An informed decision is always best; it could save you a significant amount of money.

What are the benefits of this type of health insurance plan?

One benefit is the low cost of each visit you pay to your health care provider. The costs are more consistent than with many other plans. Brand name drug usage is encouraged and the selection is often excellent. Your insurance company can often provide you with a comprehensive listing of drugs covered by your plan. Be sure to ask for one when you speak with any potential plan provider you may be considering.

What are the liabilities?

Generic drugs are often not covered by copay insurance plans, however you should check with your doctor to see if generic prescriptions will work for you. Generally, there are higher monthly costs than most non-copay plans. Lower doctor’s visit costs are seen as discouraging consumerism in health care. Visits to specialists are generally higher than visits to your general practitioner under a copay plan.

Your insurance company can provide you with a complete schedule of what is covered and upfront payments due for various health care services, ask them to provide you with this information before deciding on a particular policy or plan.

Are copay insurance plans rated by reputable agencies?

Yes, and you can read and evaluate some of the plan ratings done by various state governments which are linked at Consumer Health Rating’s website. All Medicare approved health plans are rated and be viewed at their website. The National Committee for Quality Assurance (NCQA) also has health insurance plan rankings at their site.

Does copay insurance fit the bill? Is it right for you? To find health insurance quotes online quickly and easily, simply type your zip code into the free box on this page to compare rates now!