Health Insurance Quotes in Paragould, AR

Compare Health Insurance Plans in Paragould, AR

Shopping for and comparing health insurance plans in Paragould, AR is a daunting task. With so many different plans to choose from and various coverage options, it's hard to know what is best for you and your family. Some plans may be subsidized by your employer while others require you to pay the entire premium yourself. Some will pay your healthcare providers directly while others will reimburse you. Fortunately, MyRatePlan makes it easy to compare insurance plans and get a free online quote so you can make an informed decision about your healthcare coverage.

Health insurance comes from three primary sources. The first is from your employer. If you work full time in Paragould, AR, your company may offer you a health insurance plan. Some employers will buy this plan for you while others will help make the insurance affordable by paying a portion of it for you. In some instances, you will be asked to pay all of your premiums yourself, but will be offered a discount for being part of a large group who is buying insurance services together. Think of this as a type of group discount.

The second possible source of health insurance is the government. Medicaid and Medicare programs provide insurance for the elderly and those in certain income brackets. You may also provide yourself with health insurance by purchasing a policy from an insurance agent or directly from an insurance company.

The Different Types of Health Insurance Policies in Paragould, AR

Quite a few different types of health insurance plans are available in Paragould, AR. While these types can have similar levels of coverage, other factors, including how convenient they are to use and their flexibility, will vary considerably. Common plan types include health management organizations (HMOs), preferred provider organizations (PPOs), point of service plans (POS), health savings accounts (HSAs), health reimbursement accounts (HRAs), flexible spending arrangements (FSAs) and medical savings accounts (MSAs).

HMOs in Paragould, AR are popular and often affordable options for health insurance. These include a network of providers, and the individual picks one doctor from that network as his primary care physician. The primary care physician is essentially a gatekeeper for any health needs that patient has. If the patient needs to visit a specialist, he first goes to his primary care physician, who chooses whether to approve it and provides a referral. Although HMOs typically have lower premiums, their networks can be more limited than other plans. On the plus side, out-of-pocket costs tend to be reasonable and these plans don't have deductibles.

A PPO also has a network of providers, and the individual can visit any doctor within this network in Paragould, AR. He can also see specialists without getting a referral first. For the best financial coverage, the individual must go to healthcare facilities within his network. He can typically get partial assistance for costs incurred at out-of-network providers. With a PPO, policyholders have deductibles and co-pays, along with limits regarding yearly out-of-pocket spending.

A POS plan blends how HMO and PPO plans work. The individual chooses a primary care physician from the plan's network, which is usually a decent size. Visits to providers within the network have low co-pays and no deductible, but visits outside the network will have high deductibles and co-pays.

The remaining types of plans are nontraditional and far less common than the three described above. HSAs, HRAs, FSAs and MSAs all involve either the individual or his employer putting money into a tax-exempt savings account, which is then used for all medical expenses, such as doctor's visits, surgeries, prescriptions and sometimes even over-the-counter medications. These plans tend to be flexible and some let the policyholder roll over unused funds to the next year.

Understanding The Cost of Health Insurance in Paragould, AR

One aspect of health insurance that makes the selection process confusing is the terminology. People are bombarded with terms that they don't understand and are not accustomed to. Here are some of the more common terms people can expect to hear when discussing health insurance and what they mean.

Deductibles are not considered out of pocket expenses. Out of pocket expenses refers to how much the insured has to spend before their insurance pays 100 percent of the medical expense. Deductibles refer to the annual financial commitment of the insured before their insurance starts paying. Both of these expenses will typically start over each year. For example, if an insured person has a deductible of $5,000 and they spend $1,400 throughout the year, that $1,400 will not count towards the new year's deductibles. However, some plans in Paragould, AR will let the insured roll the unused amount, in this case, $3,600, and apply it towards the first quarter of the new year.

The amount of money an insured person has to pay each month is called the premium. It doesn't matter if the insured person uses their insurance throughout the year or not, these funds are not returned to the insured. Co-insurance, or copayments, are not applied to deductibles and refers to what portion of expenses the insured is responsible for when they receive medical services. The insurance company will pay the remainder of the amount after the insured has paid their co-payment so long as the services received are covered by the healthcare plan.

Some insurance companies in Paragould, AR will also set lifetime maximum limits. This is the total amount the insurance company will pay for an individual's healthcare. If this limit is reached, the insurance company will not pay for any further medical claims.

A person's employment status also plays a significant part in what insurance plans are available to them. Larger companies will typically enable employees to enroll in their group health insurance. Group health insurance plans are usually more affordable than individual healthcare.

Medicare is available for non-working senior citizens in Paragould, AR and they may be able to receive government financial assistance. Low-income individuals can also apply to receive government assistance called Medicaid. For those that are unemployed or self-employed, they have the option of purchasing individual healthcare through private companies.

For people that already have a doctor and are in the process of switching health insurance providers, it is important that they first check with their doctor before selecting a specific type of insurance. Some doctors will not accept all types of healthcare coverage. Additionally, the insured should also consult with their insurance provider if they are unsure or have questions about their coverage.

Get a Free Online Health Insurance Quote in Paragould, AR

Providing health insurance for self or family is one of the most important endeavors of responsibility. With so many factors affecting health insurance rates and plans, MyRatePlan helps to narrow the search for suitable health insurance coverage in Paragould, AR with just a ZIP code. Saving money on health insurance should not mean denying necessary coverage because of cost. The trick is to eliminate cost without compromising coverage.

One of the easiest and most convenient ways to save money and maintain proper coverage is proper and realistic planning for possible future events. For example, if the insured intends to marry and/or have children, then it may be more beneficial in the long run to choose a plan that includes spousal or maternity coverage from the beginning. Some plans force the insured to wait until a certain time of year to make changes or apply additional fees to make changes. These stipulations can cause out-of-pocket expenses that overwhelm the insured.

No matter what type of insurance is chosen and no matter how much the premiums are, out-of-pocket expenses are always going to be much higher. Let the professionals at MyRatePlan narrow the search for quality, suitable insurance plans in Paragould, AR. Entering your ZIP code is all it takes to search for and save on health insurance with a free quote today.