Consumers who need health insurance quotes and coverage in Missouri have numerous options available to them. There are several well known carriers offering affordable coverage in MO including Aetna, Anthem, American Community, Assurant and United Health Care. Individual and family units can choose from high deductible, catastrophic plans as well as low deductible, comprehensive plans.
Self-employed individuals, small business owners, those losing COBRA, and the unemployed usually seek health insurance in the individual market. Consumers can purchase short term insurance that provide coverage for up to six months – ideal for those who are certain they will soon be eligible for benefits with an employer. And consumers can enroll in permanent plans that cover maternity, prescriptions and hospitalization if group coverage is not available to them.
Benefits, Coinsurance, and Deductible Options
Most carriers offer plans with a wide range of benefits, deductibles, coinsurance, and co-pay options. Typically, consumers can select from deductible amounts ranging from $500 to $10,000. Insurance carriers also offer several coinsurance options including, but not limited to 20%, 50%, 75%, and 100%. (In most plans, the consumer is responsible for the coinsurance percentage up to $10,000.) Lifetime maximum benefits will range from 3 million to 8 million per individual with most policies.
Additionally, all plans in Missouri will have a large network of doctors and hospitals for the insured to choose from. Before purchasing a policy however, it is important to confirm the availability of health care provider in the insured’s area. Additionally, some carriers offer plans with no networks at all. These plans are more expensive, but the insured can choose from any doctor or hospital they wish.
Health Saving Accounts
Recently, legislation was passed approving tax-favored savings accounts that can be coupled with a high deductible health insurance policy. Health Savings Accounts (or HSA’s as they are also known) are now a viable alternative to traditional insurance plans. They allow consumers to self-insure for small claims through a tax deferred savings account, but also offer peace of mind that the insurance policy will pay benefits once the deductible has been met.
They are gaining in popularity due to their tax advantages and flexibility. Money deposited in an HSA grows tax-deferred and can be withdrawn tax-free for qualified medical expenses. Common expenses could include meeting a deductible or coinsurance amount as well as paying for prescriptions, vision, and/or dental care. Unused funds remain in the account year after year for future medical expenses. The funds always belong to the insured even if the insurance needs to be cancelled.
In summary, those in need of Missouri health insurance quotes will have several options from well rated carries. Plans can be tailored to fit most budgets and nearly all plans are portable should the insured need to move out of state. The agents of Hyers and Associates look forward to helping clients in MO who would like to compare policies today.
By: Adam Hyers
