Most of the activities we take part in our day to day lives can be risky and might lead to a trip to the clinic or hospital. As humans, we have developed hedging mechanisms against these risks. One of the best hedging strategies is health insurance. At Midwest Insurance & Financial Services in Indiana, we are a respected insurance agency that takes pride in serving those around the state. We provide health insurance to those who are looking to better their employees or their family members lives.
Health insurance provides an avenue for us to pay for the services and medication provided at clinics or hospitals. It works by first selecting a suitable plan for your situation. The types and policies available in the market today vary to suit as many people as possible.
Health insurance can be categorized into two types:
Other plans can be differentiated by the way the insurers connect with healthcare providers and how they administer their policies.
Managed care plans
This plan provides healthcare via a network of hospitals and clinics that are in contract with a specific insurer to the policyholders. If policyholders seek services from health care providers, not in contract with their insurer, they will incur penalties and additional costs. The flexibility of the network increases with the cost of the plan.
Indemnity, or fee-for-service plans
This plan offers the policyholder the chance to select their preferred healthcare provider. The insurer will then indemnify the policyholder, that is, pay for the services rendered up to at least 80% of the costs. The policyholder will be responsible for the rest.
Why is health insurance important?
A health insurance plan provides you and your loved ones with peace of mind. This means that in the event of an unexpected, unfortunate event such as sickness or injury you will rest easy knowing that this event will not cause significant financial strains.
Call or visit us at Midwest Insurance & Financial Services in Indiana to get a health insurance policy that fits your lifestyle.