Arizona Health Insurance Rates
Health is wealth and that is the main reason why you should have adequate insurance cover. Normally, those who have a business of their own or are self-employed obtain individual health insurance plans. These can include, lawyers, doctors or other such professionals. Also, individual health insurance is essential if you fall into any of the following categories; you are not insured by your employer; you are between jobs; you have just started a new job and the benefits of group insurance has yet to start; or if you have opted for early retirement and have no insurance coverage.
Short or long term plans
Individual health plans offer you two options – short term and permanent plans. The short term insurance plan is applicable from one month to twelve months, at the end of which the short term plan will automatically stand cancelled. The permanent category of health insurance covers you for a longer term or until you are 65 years of age or you become eligible for the benefits of Medicare. You can opt for the period of insurance as per your needs.
Individual plans – HMO
There are various options you can select for your Individual health insurance. The HMO or Health Maintenance Organization is a managed care organization that offers services for health insurance with the help of a network of physicians and hospitals and other providers of health care services. The HMO provides contracts with carefully chosen health providers. The program includes mandatory services, like specific services for mental health, prevention of diabetes, prosthetic devices, outpatient treatment, chemotherapy for treatment of cancer, services for rehabilitation and hospice care, and many more.
Individual plans – PPO
The Preferred Provider Organization or PPO is a system for health care provided by the insurance provider. The PPO has contracts with various clinics and hospitals and physicians, as well as other providers of health care. The advantage in PPO is that these providers of health care accept fees as per the guidelines and fee schedules fixed by the PPO, and the insured person can duly claim these amounts for reimbursement. Another major advantage of the PPO system is that the insured may avail the services of a health care provider who is not in the network, although any difference in the fees and charges will be the responsibility of the insured. This network also provides you with prescription drugs at reduced rates. The premium for a PPO plan is comparatively lower than for the normal individual health care plans and include more medical services.
Individual plans – major medical cover
In the event that you find the insurance cover offered by your employer is not adequate for you, or you envisage a high amount of medical expenses, then major medical health insurance is an ideal option. The main characteristic of such major medical insurance plan is low premiums associated with a high amount of deductibles. Suppose you have a policy requiring $5,000 as deductibles and you need surgery costing $2,000, then you have to pay this $2,000 out of your own pocket, unless during the year you have paid $5,000 for your cover of medical expenditure.
Individual plans – HAS
The Public Law 108-173 created Health Savings Account, or HSA, to allow individuals who do not have any ‘first-dollar cover’ to opt for them. These come with high deductibles and you can avail tax benefits in three ways. You or your family are allowed to make contributions to the HAS which are tax deductible and the deductions may not be itemized. Secondly, your employer can also make contributions, which will not be liable for taxation for you or even your employer. Lastly, if your employer is a sponsor for cafeteria plans, then your employer can permit you to make contributions by way of salary deductions, which are not liable for taxation.
In Arizona, group insurance is available where there are two or more employees employed by a company. The premiums for group health insurance are determined after considering several criteria. The area where the applying company is located could also be a deciding factor, so also may the particular industry in which the company is performing. Other factors may include the total number of employees in the organization, the number of employees who are eligible for cover, and the actual number of employees who are to be included in the group insurance plan. Also, the past and present health conditions of the employees to be covered are one of the criteria for determining the premium.