We discuss here Understanding Health Insurance in Virginia. Health insurance continues to be one of the most talked about topics when it comes to products that are must-haves for Virginia residents. As health care costs continue to rise, so does the importance of health insurance plans.
It goes without saying that Virginia residents who do not have insurance coverage are at greater risk of financial insecurity during illness or injury. There is no question that health insurance plans have costs, but affordable health policies are readily available, and with the implementation of health care reforms, there will be many options available to the Virginia family.
Traditional indemnity insurance plans in Virginia
Traditionally, Virginia indemnity health insurance plans provide compensation for claims made by an insured person. The level of coverage offered by these plans can vary from basic to comprehensive depending on the needs of the insured. Consequently, the costs of health plans vary from premiums, deductibles, coinsurance, coinsurance, etc.
Virginia Health Plan Administration
Unlike health insurance plans, managed care health insurance plans include a group of medical providers that provide comprehensive medical services. They are called preferred providers or participants. Understanding Health Insurance in Virginia
There are three options for managed care:
• Health Maintenance Organization or HMO
HMO allow the insured person to choose a primary care physician from a list of plan medical providers. If necessary, the primary care physician will refer the insured person to a specialist.
• Preferred Provider Organization or PPO
PPO allow members to benefit from a wide network of health care. At a slightly higher cost, a PPO generally allows its members to receive care outside its provider network.
• Point of service or point of sale function
POS medical plans are special types of HMO that allow members to choose a provider offline at a slightly higher cost.
Impact of the Affordable Care Act on Health Insurance in Virginia
Approximately 109,000 small businesses in Virginia will receive help through the tax credit. A check will be sent to Medicare beneficiaries to pay for their prescription drugs. Reinsurance options will be provided to early retirees. $113 million federally will be available to Virginia beginning July 1 to cover people with pre-existing conditions. With the new law, Virginia has the option to fund federal Medicaid to cover all low-income residents, regardless of age, disability, or familial status, for the first time. The 4.7 million people in Virginia who have private insurance will not have to worry about lifetime coverage limits. 344,000 people will not have to worry about being disenrolled from their insurance policies when they are sick. Children can stay with a family health insurance policy until they are 26 years old.
What to Look for When Shopping for Affordable Health Plans in Virginia
• Virginia residents should consider the maximum level of coverage offered in a health insurance plan. This should be the main limiting factor. Understanding Health Insurance in Virginia
• The second point should be the costs involved in the health care plan. This can include premiums, deductibles, coinsurance, and coinsurance. Consumers can adjust these costs to their budget.
• Virginia residents should ensure, if necessary, that their health insurance plan provides coverage for prescription drugs, doctor visits, and hospitalization benefits. You don’t have to buy a health plan if it doesn’t offer these coverage benefits because consumers need them.
• A high deductible health plan (HDHP) with a health savings account (HSA) is a very good option to ensure that consumers get affordable health plans. Virginians should check this out.
• Virginia residents who need to see a specialist should make sure their health insurance plan does not require them to get referrals.
• An affordable health insurance plan should have simple payment procedures. But, Virginians should make sure not to buy from these companies, where the payment process is very complicate. In reality, these plans can waste a lot of money and time.