Medical care can be expensive, and having no insurance can leave you financially struggling to pay hefty medical bills in case of unexpected illness or accident. Insurance provides peace of mind as it helps you pay for preventative healthcare and provides funds for medical care when you need it. If you live in Florida, you have various health insurance plans to consider. Here’s what you need to know about health insurance options and providers in Florida:
Common Health Insurance Terms and Concepts
Before you purchase a health insurance policy, you should learn the terms and concepts used by carriers and the industry in general. Some standard terms you’ll encounter include coverage, premium, deductible, copay, HMO, PPO, EPO, POS, APTC, ACA, and more.
- Coverage: Refers to the health conditions the insurance company will pay for. Premium: This is the monthly amount you pay towards your health insurance.
- Deductible: This is the amount you must pay yearly for medical care before the insurance coverage kicks in.
- Copayment: Refers to a fixed dollar amount you pay after paying your deductible.
- HMO/PPO/EPO/POS: These are acronyms for popular types of health insurance coverage.
- APTC: Refers to Advanced Premium Tax Credit, which reduces the monthly premium you pay toward your health insurance.
- ACA: An acronym for affordable care act, a comprehensive health care reform law introduced in 2010 to make health insurance available to more people.
Health Insurance Plans Available In Florida
Florida has various types of health insurance plans. You can purchase short-term health insurance, individual and family ACA marketplace plans, multiple-year insurance coverage, and supplemental dental and vision insurance. Insurance providers have all kinds of names for their policies, but most options fall under four common types as follows:
- Health Maintenance Organizations (HMO): Involve working with specific local networks of health care providers and hospitals. There’s only coverage for out-of-network coverage if it’s an emergency.
- Preferred Provider Organizations (PPO): These plans allow you to work with out-of-network healthcare providers, giving you a broader range of doctors. You may pay more out-of-pocket than with HMOs.
- Exclusive Provider Organizations (EPO): These are much more like HMOs, involving a more defined network of doctors and health care providers. However, you don’t need a PCP for a specialist referral.
- Point Of Service (POS): Combines HMOs and PPOs by allowing PCP recommendations for in-network specialists at lower costs. You can also see out-of-network healthcare providers when you need to.
Health Insurance Providers and Their Plans
Health insurance companies in Florida include Cigna, Molina Healthcare, Aetna, AvMed, Oscar Health, Blue Cross Blue Shield Association, and Humana. Others include WellCare Health Plans, Florida Health Care Plans, Oscar Insurance Company, Florida Blue, Sunshine Health, and Sunshine State Health. These companies offer individual and family health insurance, dental insurance, short-term health insurance, and more. You can also find Medicare providers.
How To Choose Health Insurance for Your Needs and Budget
Choosing health insurance plans requires understanding your needs and budget. Consider the four “metal” categories: Bronze, Silver, Gold, and Platinum. The metal categories of health insurance show how you share costs without factoring in health care quality. It would help if you also calculated the total cost of health care. Here are some tips to help you choose the best health insurance:
- Assess your needs, including your overall health, health conditions, desired treatments, provider preferences, and budget.
- Research health insurance companies and identify the best for robust coverage, value plans, same-day care, Medicare Advantage Plans, etc.
- Compare health insurance quotes and focus on premiums, copays, deductibles, coinsurance, out-of-pocket costs, and maximums.
- Review the coverage, policy terms, exclusions, and networks to find health insurance plans that fit your needs and budget.
Health insurance can prevent you from paying costly medical bills in case of an emergency or accident. You need a trustworthy insurance provider with plans that suit your needs. Contact us for more information and assistance. We’ll walk you through the different insurance companies, plans, and costs to help you get adequate coverage without stretching your budget.