Providing Health Insurance in Arizona

If you've ever been injured or sick, you certainly know the importance of having health insurance.

Health insurance is generally available through groups and to individuals. And there are many types of health coverage. Maybe your employer offers several health plans and you must select. Perhaps you're undergoing a major life change, such as retiring or starting a family, and you want to examine your health coverage options. Or maybe you're an older person with Medicare who wants supplemental health insurance.

Choosing the right health coverage is not always easy because health plans can differ widely in service, choice of providers and out-of-pocket costs. But the more you know, the easier it will be to decide which plan fits your needs, situation and budget. Leonard's Financial Coordinating Services can help streamline the process and help you to make the right decisions for yourself, your family and even your business.

Types of Health Plans

Traditional, fee-for-service plans are traditional health insurance plans in which you pay a monthly premium to an insurance company. You also pay part of the cost (co-payment) for health care services that you receive. Often, the insurer pays 80 percent, while you pay 20 percent, sometimes after paying a deductible. You may pay more for a fee-for-service plan, but there's a broader choice of providers than with a managed care plan.

Health Maintenance Organization (HMO) - This type of plan provides health care in return for a fixed payment from you or your employer. There are several types of HMOs. A common feature is that you receive care from physicians who are affiliated with the HMO. Many HMOs require you to be referred by your primary care physician if you wish to see a specialist. However, many HMOs pay most of the cost of prescription drugs and preventive care, which most traditional insurance plans don't.

Preferred Provider Organization (PPO) - This health plan contracts with independent doctors and hospitals to provide care for plan subscribers. In return for bringing together subscribers and contract doctors, a PPO pays lower fees for the doctors' services. Subscribers may be able to see doctors outside this network but they may end up paying more.

Point-Of-Service (POS) Plan - Many HMOs offer this option which allows you to seek care outside the plan's network. You usually must pay an additional monthly premium and a higher percentage of the cost of your care for this option.

Medical Savings Accounts (MSA) are among the most beneficial and least expensive methods for small businesses or self-employed individuals to purchase health care benefits. MSAs were established by Congress in 1996. They are tax-exempt trust funds created to save money and pay for qualified medical expenses in connection with a high-deductible health plan.

Medical Savings Accounts are sometimes described as "Medical IRAs" because of their special tax advantages and easy accessibility when it is necessary to pay medical bills. Money saved in a MSA is nontaxable, grows tax-deferred and can be used to pay medical bills tax free. At age 65, they are converted into traditional IRAs. MSAs offer a wide range of qualified benefits such as: doctor's visits, prescription coverage, dental coverage, optical coverage, surgical coverage and more!

Temporary Health Insurance can be a perfect solution for people who are:

• Between jobs or laid off
• Graduating from college
• Waiting for group coverage
• Dependents falling off their parent's health plan

No one plans to have an unexpected illness or accident happen to them. But let's face it - the unexpected does happen. That's why going without health insurance, even for a short time, puts you or your family at serious financial risk. Short Term Medical is a temporary health insurance plan (30-185 days) designed for people who are between permanent health plans.

You choose the plan that best meets your needs and budget. Simply select from your choice of deductibles, rate of payment options, and length of coverage. Since this plan is not an HMO or PPO, you choose your own doctors and hospitals. Short Term Medical can provide you with the peace of mind you deserve.

For health insurance, contact Leonard's Financial Coordinating Services for help in making the right decisions for yourself, your family and even your business.