There are many different types of health insurance. One of them is called fee-for-service and is arguably one of the most versatile insurance plans on the market. This report explains why, as well as outlining some of the advantages and disadvantages.

Very few health insurance companies and policies protect customers abroad. That is, the health insurance policy you have when you are at home. It is vital you know your circumstances and what protection you need before you travel.

Fee-for-service (abbreviated to FFS) plans are good for people who like choice in their healthcare. Those who are on FFS health insurance plans can choose their hospital, their doctor… even their surgeons. This means opportunity to check up on credentials to ensure you get the best care.

How much you pay is usually determined by the risk of your trip. This is basically the measure of how likely it is you will make a claim. The calculations they make determine the overall cost of your insurance.

The shorter your trip, the less you pay. This is because if you are in a different country for a short period of time, there is less exposure to risk. Basically, the chances of you getting injured or getting unwell in your destination are less likely.

What makes deductible sums different from other added costs is how the cost is applied. The figure that a customer needs to contribute is fixed, whatever the size of the claim. This can mean that making some claims to your health insurance is pointless.

Sometimes, routine checkups can be a nightmare with the thought of a deductible looming. Waived deductibles are common, especially if the care is likely to prevent future claims. Always check to see if this is included on the policy you are considering.

Copayment is where you pay a fee for certain elements of healthcare and is common in managed care systems. Copayment can make health insurance like a menu, with one-off costs for things like doctor^s appointments and prescriptions. The fixed amount you pay can vary from plan to plan.

Coinsurance is a concept that is very similar to additional costing methods like copayment and deductibles. The only difference is that a percentage of the total cost of treatment is payable to the customer instead of the insurer. This is put into play by insurers to prevent them from getting out of pocket and percentages vary from policy to policy.

It is worth noting that there are some insurance companies who simply do not add charges onto claims. Always have a look for phrases like copayment, coinsurance and deductible fees when you are having a browse. Remember that high deductibles can mean lower monthly premiums.

Fee-for-service can be costly, but if you need the flexibility to accommodate your lifestyle, it could be worth it. Have a ring around insurance firms ^ they would be more than happy to give you details, especially if you are a prospective customer. Be careful though, as contacting some insurers direct may compromise your need for impartiality.^^

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Posted Saturday, May 9th, 2009 at 2:03 pm
Filed Under Category: Affordable Health Insurance
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