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What is health insurance
and why do I need it?
If you've ever been sick or injured, you've probably
recognized the importance of Health Insurance. Health Insurance helps
to ensure that you and your family are protected against the financial
hardships that may result from health care expenses.
Preferred Provider Organizations (PPOs)
This plan type closely resembles a Fee-for-Service plan. A PPO has arrangements
with a network of doctors, hospitals and other providers who have agreed to accept
lower fees from the insurer for their services. As a result, your cost sharing should be
lower than if you go outside the network. In addition to the PPO doctors making referrals,
plan members can refer themselves to other doctors, including ones outside the plan. This makes
it a best-of-both-worlds option for many patients: lower costs in the network, but flexibility to
leave the network if necessary. Benefits are greater within the network.
Health Maintenance Organizations (HMOs)
HMOs offer members an array of health benefits -- usually including preventive care -- for a set monthly premium.
The rule? You must use the health care providers and facilities within the HMO network in order to receive coverage,
unless it's an emergency. HMOs generally provide preventive care such as annual check-ups, flu shots, hearing tests, etc.,
at lower out-of-pocket costs to you.
Point-of-Service (POS)
A hybrid of the HMO and PPO is known as a POS plan.
Here, the primary care doctors in the plan usually make referrals to other providers within the plan. However, if a member
wants to go outside of the network, the POS plan will pay for a predetermined amount of the bill. POS plans generally cost
more in monthly premiums than straight HMOs, but they give you the flexibility to call a doctor on your own.
Dental insurance
Paying out-of-pocket for yearly dental checkups probably will not break your bank. However, what happens
if you need more serious dental work? A root canal or crown can easily cost over $1000. Some health insurance plans include
dental coverage as part of your benefits package. If not, you have the option of purchasing separate dental insurance.
Vision insurance
Vision coverage also might be included in a health insurance benefits package. If not, it may be purchased
separately -- and is usually provided in the form of a Vision Maintenance Organization (VMO) or PPO network. Coverage generally
includes yearly eye exams and a percentage of the cost of eyeglasses or contact lenses. Some plans cover all or a part of the
cost of laser corrective surgery as well.
Why CANCER INSURANCE?
Cancer treatment accounts for about 10% of U.S. health expenses. In fact, no other single disease accounts for more. This is why it is essential to have insurance coverage for all conditions, not just cancer.
If you are considering cancer insurance, ask yourself three questions: Is my current coverage adequate for these costs? How much will the treatment cost if I do get cancer? How likely am I to contract the disease?
Cancer insurance provides benefits if you get cancer. However, it will not cover you for cancer diagnosed before you applied for the policy. Examples of other specified disease policies are heart attack or stroke policies.
The information above applies to cancer insurance, but could very well apply to other specified disease policies.
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© 2012 MCC Financial Services, Inc.
Securities offered through Registered Representatives of Cadaret, Grant & Co., Inc., Member FINRA/SIPC
Licensed in the States of NY, CA, FL, IL, MA, NC, and PA.
MCC Financial Services, Inc. and Cadaret, Grant & Co., Inc are separate entities.
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