And yes, at Martin, we think everyone should have Health Insurance, at least some form of it. Why? Have you ever had an emergency room visit or needed to see a doctor? These services generally aren't free, and without coverage you could be left responsible for paying the full amount right out of your pocket.
What is Health Insurance?
The term "Health Insurance" is used to describe insurance that covers medical expenses, including doctor's visits, hospital and emergency room visits, and the costs of prescription medicines.
There are two basic categories of private (non-Medicare/Medicaid) Health Insurance:
Traditional
With this type of coverage, you are generally free to see any doctor you wish. As with Auto and Home Insurance, an annual deductible generally applies.
A deductible is a set dollar amount that you may be responsible for before payments from the Health Insurance company kick in. The higher the deductible, the lower overall annual cost for the insurance – and consequently, the lower your monthly premium payments.
Because you are not tied to a particular "network" of care providers, Traditional Health Insurance is typically more expensive. What's more, you may have to wait to get reimbursed for out of pocket costs.
Managed Care
With Managed Care plans like HMOs and PPOs, you are generally limited to a fixed network of care providers. You choose a primary care physician, who can refer you to specialists as needed. Participants generally pay a "co-pay" at the time of service, a nominal fee to help offset costs.
Managed Care plans are generally less expensive, with less out of pocket costs – but do not offer the flexibility of a Traditional Health Insurance plan.
What is covered?
The answer to this depends greatly on what kind of Health Insurance you have. Generally speaking, visits to general practitioners, specialists, and hospitals are covered.
Routine and emergency medical services and medicines are covered in full or in part under most Health Insurance plans. Elective procedures, such as plastic surgery, may not be covered.
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