Individuals, families, groups, and businesses need personalized health insurance plans to ensure they spend as little out-of-pocket money as possible for their health care needs. With the implementation of health reforms, the options for buying health insurance are expanding.
With the advent of Internet technology, the concept of price transparency is gaining momentum. Health insurance carriers in Florida face a pressing need for price transparency when offering health insurance quotes to their customers. At the same time, the application time and waiting time for health insurance has been significantly reduced compared to earlier times.
Types of Health Insurance Plans Offered in Florida
In addition to the program sponsored by the state and federal governments, including Medicare, Medicaid, etc., there is the option to purchase health insurance from private companies. Like many other states, Florida health insurance plans are offered to residents in a traditional format. These could be classified as:
1. Individual health coverage
2. Family health coverage
3. Group insurance
4. Health coverage for students
5. Medical dental insurance
6. Low cost insurance
7. Low Income Family Insurance
8. Short-term insurance
9. Small business insurance
Companies that offer Florida health insurance
Below is the list of health insurance companies that offer health insurance to Florida residents:
• Aetna
• AMS
• Secure
• Avalon Health Care
• AvMed health plans
• Blue Cross and Blue Shield
• celtic
• Cigna
• Coventry
• Golden Rule
• Human One
• CAI
• Dental Screed
• View
Types of Health Plans Offered in Florida
Many consumers end up with discount coupons, which are sometimes called health plans; however, it should be understood that these discount coupons are not insurance. To buy affordable health plans in Florida, consumers need to equip themselves with proper knowledge about the same.
The traditional categorization of health coverage in Florida offers indemnity and managed care health plans. Indemnity health plans have the insured file claims for reimbursement. While managed care health plans allow providers to submit claims for the insured person.
Managed care health plans are further classified as HMOs, PPOs, and POS.
Impact of the Affordable Care Act on insurance in Florida
• Tax credits will be offered to 290,000 small businesses in Florida for offering health coverage to their employees.
• Florida Medicare beneficiaries will automatically be mailed a check for $250 to help pay for their prescription drugs.
• Early retirees will be offered reinsurance options.
• Uninsured Floridians with pre-existing conditions will get a big boost with $351 million federal dollars available to Florida starting July 1 to provide coverage.
• Like many other states, for the first time, Florida will have the option of federal Medicaid funding to cover all low-income populations, regardless of age, disability, or familial status.
• 8.8 million Floridians will no longer have to worry about lifetime limits on coverage.
• About 1.1 million people won’t have to worry about losing coverage when they get sick.
• Children in Florida may remain on their family insurance policy until the age of 26.
Costs Involved in a Florida Health Coverage Plan
It’s important to understand the types of costs involved in a health coverage plan to make sure Floridians have weighed everything before finalizing a health plan. We talk about the types of costs involved in a health coverage plan:
Premium-premium is the amount of money to be paid monthly. The premium is the main cost that constitutes a health plan. It can vary from person to person and from plan to plan. It mainly depends on the age, gender and health status of a consumer applying for health coverage.
Deductible- Deductible is the second largest cost involved in a health plan. It is the amount of money a consumer pays before the insurer actually begins to pay for the coverage. With higher deductibles, premium costs are reduced.
Coinsurance – Coinsurance, as its name explains, is the amount of money that the consumer agrees to pay as a percentage of the total cost of the medical service after paying the deductible. Generally, it is usually 80/20 of the total value where 80% of the cost is paid by the insurance companies while 20% is paid by the consumer.
Copayment: The copayment is like coinsurance, but it is not represented in percentage but in actual value. In addition, there is no consideration of deductibles in copays. Let’s say a consumer needs to pay $70 for a doctor’s visit: with a copay, the consumer will be paying $40 and the remaining $30 will be paid by the insurer. However, this co-pay facility will have some impact on your premium costs.