Is For Profit Health Insurance a Good Idea?
Being a health care consumer can be a bit tricky. There are many companies that offer you different types of health insurance plans, each one offering you different benefits, but at the end of the day the main aim is to get the most benefit out of the least amount of money possible. Let’s take a look at what each type of plan means when it comes to your health insurance premiums and benefits.
Nonprofit health insurance plans – The good news about nonprofit health insurance plans is that you pay very little in premiums. The bad news is that they are most likely provided by non-profit organizations or insurance companies that provide lower rates than other companies offering similar plans.
Nonprofit plans are very popular because you can usually find low rates on them. You’ll probably have to shop around and compare health insurance quotes, but the prices you receive will be lower than the rates you’d receive with a for profit company. While these plans don’t offer the same benefits as a for profit plan, you’re still paying less overall.
Nonprofits are willing to work with smaller companies as well as companies that offer very similar health insurance plans. You’ll likely have to shop around to find a few companies who offer plans like this.
Community Plans – Community plans are similar to nonprofit plans, except that they are usually provided by large organizations. Community plans have better rates and benefits than nonprofit plans. Community plans often have more restrictions as well as fewer options.
Health insurance through a community plan is usually affordable. However, you’ll also be required to do things like find a co-pay or co-insurance. That means you’re taking a chance that you may not be able to receive all the benefits of a nonprofit plan, but you may have to pay out of pocket for some of those benefits.
For Profit Plans – These plans are typically offered by large companies who want to give their employees the best and most efficient medical coverage. They typically have better benefits than nonprofits and they will work harder to get the best deals. You may have to pay higher premiums, but your medical insurance provider will work harder to make sure you’re getting the best services possible.