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How do you shop health insurance in Florida when there are so many darn choices? Well here is how I would recommend you do it. First of all we need to figure out what kind of plan you want and there are only a few major plan types to choose from so we can start narrowing from there.
Florida Health Insurance Plan Types
My favorite kind of plan and the one that I recommend and the plan that most people go with is a traditional medical insurance plan which would include office visits and prescription copayments before the deductible. But remember, these plans do not have copays for routine procedures, hospitals, emergency room visits, and basically anything major medical, they only cover these procedures after your deductible and coinsurance. So don’t expect these plans to cover a wart removal the first day it is effective, but they will however, cover the cost of the visit to the dermatologist, besides the copay of course.
The next most popular health insurance plan type would be a high deductible type plan which usually have an Health Savings Account (HSA) option. This plan basically has no copays for anything at all (except an annual, routine physical) and doesn’t in fact cover anything until you reach your deductible. But when you do reach the deductible most of these plans will cover all of your medical expenses 100%, though some do have coinsurance.
What is coinsurance? Coinsurance is basically more expenses for you! After your deductible most Florida health insurance plans include a cost sharing device where the insurance company pays typically 80% and you pay 20%. This is coinsurance.
It is important to remember that coinsurance does end at which point the health insurance company pays 100% of your expenses.
Here is a quick example. You have an emergency room visit and the bill comes in the mail and is for $20,000. Your deductible on your plan is $2,500 and the coinsurance is 80/20 up till $3,000.
What dollar amount of the $20,000 will you be responsible for?
Deductible – $2,500
Coinsurance 20% of $17,500 (you already paid $2,500 of the $20,000) = $3,500
But remember the coinsurance only goes up to $3,000 which means that your portion of the bill is only $5,500 and the best part is that you don’t have any other bills for the rest of the year. The health insurance company is going to pay the rest.
The last type of plan is a catastrophic plan where there are many choices but I only advise a plan above.
What’s Next When Shopping Florida Health Insurance?
Ok, so now you know which plan you want all you need to do is pick a deductible. When you shop and compare health plans make sure to pick a uniform deductible (and out of pocket maximum which is your deductible and coinsurance added together) and as close as benefits as you can.
As a quick cheat sheet here are my crib notes.
Copay Plans in Florida – Copay Select from United Health Care, Avmed Plus Plans, Aetna POS Open Access, Cigna Open Access Plans, Humana One Portrait.
Blue Cross Blue Shield of Florida is an entirely different ball of wax, but the most comparable copay plans from them would be the plan the 598, 597, and 596. Unfortunately, Blue Cross Blue Shield of Florida has so many plans that it can get pretty confusing. Luckily we know all of them so call us at 888-803-5917 and we can help you figure out the Florida Blue Cross plans.
Health Savings Account Plans – United Health One HSA 100 and HSA 80, Avmed HSA, Cigna HSA, Humana Autograph plans, Aetna HSA plans, and Blue Cross HSA plans.
The best bet though is to run your own custom, Florida health insurance quote as our quote engine will give you the lowdown on all the plans in Florida. And if and when you get stuck you can call us at 888-803-5917.
For nationwide health insurance quotes visit East Coast Health Insurance