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Thursday, February 26, 2009

Know The Difference Between The Two Types Of Medical Plans

By Tommy Hammerman

If you are looking for health insurance, the best type you want is a group medical insurance plan. In general, this is the kind of benefit you get working for a large company. For many years medical insurance was almost considered a given, but with the World economy in the condition that it is, it may not always be the case.

Because of the slowdown in the economy, many companies are trying to find ways to lower expenses and many health programs are getting cut back or discontinued. These changes are happening rather quickly and you need to do something right away to know your options. Make sure you have a backup plan so that you are not left without medical insurance.

If you can't get medical insurance through your employer or you are self-employed, you are probably going to be looking for an individual medical plan. Sometimes these plans are hard to find. It's almost like you were going through a scavenger hunt to find a needle in the haystack.

Usually, the two most popular ways of getting an insurance plan is through a traditional employer or through an organization that you are affiliated with. These organizations typically offer insurance plans, including medical and life, auto and homeowners insurance to their members.

If you are fortunate to be part of one of these kinds of organizations, read up about the options available. If you get any of kinds of these programs, the process usually deals with filling out some forms and getting them to a benefit department. You usually get your paperwork in the mail and your benefits are effective right away.

There are really two major kinds of insurance plans. The first kind of plan is a fully insured medical plan. This is the kind where the organization pays for all of the health related costs over your membership fees. You are probably familiar with this kind of per gram and actually have had one. You pay your monthly premiums and a co-pay when you visit a doctor.

The second type of plan out there is considered a minimum premium plan. Basically, the plan takes on the responsibility up to a certain amount for health-related services. In other words, is To a certain dollar amount. You will pay a portion of the bill and the insurer will pick up the rest. It is very much like having a deductible.

With this kind of plan, you are usually either given a basic group plan, or a major medical plan. Sometimes you see a combination of the two but that is not usually the case. Keep in mind, that as things continue to change we will probably see variations on these kinds of plans come into play.

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