Why Buy Health Insurance in Atlanta?
If you want to buy health insurance in Atlanta, Georgia, you should be aware of the many different kinds of health insurance available. The first thing you should know is the laws governing health insurance in Georgia. The state of Georgia regulates all health insurance except employer group health insurance. Group insurance is regulated by the federal government and must adhere to strict policies enacted by Congress. Other than group health insurance, all other insurances are left to the individual states to take care of.
In Atlanta, there are five types of health insurance you can buy. These include HMO (Health Maintenance Organization) insurance, POS (Point of Service) insurance, PPO (Preferred Provider Organization) insurance, indemnity plan insurance, and HSA (Health Savings Account) insurance. Each of these types of insurance is very different and before you buy health insurance in Atlanta, you should understand each one in order to make an informed choice.
Health Maintenance Organization
An HMO insurance plan is typically all run out of one building, similar to a small hospital of sorts. The HMO will hire physicians that cover all sorts of problems. These physicians will not be in private practice but will be employees of the HMO and will work in their clinic.
If you buy HMO health insurance in Atlanta, you will have only one or two places in the city that you can go for your health care needs. Often HMO’s will even have an on-site pharmacy.
With an HMO you will pay a premium for the insurance, and then small deductibles when you visit the doctor. The deductible is all you will pay for your visit and you will not receive any bill for lab work or anything else that is done within the clinic. The deductibles are generally very small, but the premiums can be relatively high.
Many people with young children (who are accident prone by nature) and elderly people with several health issues tend to choose an HMO for the convenience of having everything at one location. Others in Atlanta won’t buy health insurance in the form of an HMO because they want to be able to choose their own doctors.
An indemnity plan is often referred to as “classic insurance” because it is the kind of health insurance that was available before all of the acronym insurances. With an indemnity plan you will pay for your medical bills and then submit a claim for repayment. There is typically a cap to how much you will pay out of pocket each year. Once you’ve reached that cap the insurance will cover the balance.
Point of Service
The POS insurance is a cross between an HMO and an indemnity plan. If you buy health insurance in Atlanta of this sort, you will get the best of both worlds. You will have the HMO benefits but you will be allowed to go out of the clinic and choose your own doctor. The Atlanta doctor you choose must accept the POS health insurance you buy and you will pay a co-pay to the doctor on each visit as is prearranged with the insurance company.
Preferred Provider Organization
PPO insurance is very much like a POS type of insurance with the co-pays, but it will always also have an indemnity plan attached to it.
This way you can see any doctor you like and have an annual deductible that you will need to meet before the insurance pays a portion of the balance. Many people in Atlanta buy this health insurance plan because they want to choose their own doctors; they don’t mind that the out of pocket expense is significantly higher.
Health Savings Account
A health savings account is usually offered with a group health insurance plan. These are fairly new to health insurance but they are quite a nice way to pay your medical bills. An HSA will hold your pre-tax contributions in a savings account. You can make withdraws any time you like without penalty as long as it is paying medical expenses. If you have saved too much in one year, the balance rolls over to the next year, and so on.
If by the time you retire you still have money in your HAS, you can pull it out at that time for any reason you like. After you buy health insurance in Atlanta you should think about opening a health savings account. Ask your employer about it to see if they are enrolled.