Utah Health Insurance
Why should I have health insurance in Utah?
Let's face it. Health care has gotten expensive and costs have risen much faster than the rate of inflation over the past decade and it seems there is no end in sight. If you do not have medical insurance in Utah, just one visit to a hospital or one major illness can bring financial ruin to you and your family. As the national debate over health care continues, hopefully we will find you the answers to help you with your coverage now.
While health insurance costs are also rising, it is important that you have at least some coverage that is affordable so that if a major illness or injury happens, you won't be headed to bankruptcy court. The trick is to find the affordable coverage that is actually good coverage and worth the money. Trust us, there are plans out there that sound great but are definitely not worth the money. We will help you figure out the good from the bad.
There are many types of health insurance policies available from different insurers. We are committed to finding the best, most affordable health insurance rates for you, your family or your business, that offers the most coverage for the dollar.
What is the best type of Utah health insurance to have? The best health insurance policy to have is the one that will not have you broke because of limited coverage and that won't make you poor by paying the inflated premiums every month! It also has to be customized to fit your needs. There is no one size fits all in Utah. Everyone here has different needs. Some people may need maternity coverage and some may not. Some may need dental coverage and some may not. Some may want their regular doctor visits covered and some may not. We go through a very detailed interview with you to make sure we fit the right coverage to you. So whether you live in Logan, Salt Lake City, Vernal, Provo or St. George (and anywhere in between) we can find you the right plan. What are the different types of health insurance in Utah? The most common type of health insurance is a major medical plan. This type of policy normally covers hospitalization, medications, and often covers routine doctor visits. The manner in which your benefits are provided are different with each plan as follows: PPO (Preferred Provider Organization) A group of hospitals and doctors contracted with a network to provide medical services at a negotiated rate. You are generally allowed to go to any hospital or doctor within the network and receive the PPO discounted rate for care. If you decide to use services outside the network, your out of pocket costs can be much higher due to increased deductibles and co-pays. Most major medical plans in this area are PPO plans. HDHP (High Deductible Health Plan) with HSAs (Health Savings Account) A High Deductible Health Plan (HDHP) is a Utah health insurance plan with lower premiums and higher deductibles than a traditional health plan. A health savings account (HSA), is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in and used in conjunction with a High Deductible Health Plan (HDHP). The funds contributed to the account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account (FSA), funds roll over and accumulate year over year if not spent. HSAs are owned by the individual, which differentiates them from the company-owned Health Reimbursement Arrangement (HRA) that is an alternate tax-deductible source of funds paired with HDHPs. Funds may be used to pay for qualified medical expenses at any time without federal tax liability. Withdrawals for non-medical expenses are treated very similarly to those in an IRA in that they may provide tax advantages if taken after retirement age, and they incur penalties if taken earlier. HMO (Health Maintenance Organization) An HMO is a network type of plan similar to PPO's, but the networks are more limited in size and location. In Utah, the main HMO is provided by SelectHealth (also know by their parent company name of Intermountain Health Care or IHC). You must choose a PCP (primary care physician) from the network who is responsible to manage all of your health care services. If you need treatment from someone other than your PCP, you are generally required to get a referral for other health care services. HMO coverage is usually the most comprehensive in regards to out of pocket expenses of all plans that use a network, but coverage outside the network can be expensive or non-existent. Premiums can be higher than PPO plans because of extra services covered. Are there any other types of Utah health plans besides major medical plans?
Short Term Individual Coverage
Short Term health insurance plans are designed to provide short-term medical coverage for the following people: Employees in a waiting period for group coverage People who are changing jobs, have been laid off, or are on strike Recent graduates New business owners Children who turn 26 and are no longer eligible under their parent's plan Seasonal or contracted employees Short term plans do not generally cover pre-existing conditions, but they do provide a great health plan for less money than a standard major medical plan. Just like the name states, these plans can only be in place for a short period of time (up to 12 months). There are other options available that can provide limited insurance coverage. They are generally used as a supplement to coverage you already have. Some policies cover only hospitalization (in or out patient, depending on the policy) for a certain number of days or only certain surgical expenses. Indemnity plans This type of plan offers the most choices because you are allowed to go to almost any doctor or hospital. You are not required to use network services, such as in PPO's and HMO's. The downside to these plans is that routine doctor visits and preventative care are not usually covered. The premiums, deductibles and co-pays are generally higher on these plans. Hospital indemnity policies would pay you a certain amount each day you were hospitalized. They do not pay for any other expenses. Cancer and other specific illness policies will cover diagnosis and treatment of a certain disease. Some policies cover only medical expenses as the result of an accident.