Medical Insurance Plan - Which is Best?

Finding the best medical insurance plan is important for several reasons:

* You want to be able to get yourself and your family members medical care whenever you need it. People without health insurance are less likely to get preventive care and to let medical problems go until they become serious.

* You want to be protected from financial disaster if you or someone in your family has a major accident or develops a serious illness. Over 25% of bankruptcy filings are directly related to medical bills.

But what's the best type of insurance for you? That depends on your needs, age, health status, and more.

Choosing an Insurance Plan

Multiple types of insurance plans are available for you to choose from:

* Traditional indemnity plans that let you choose your doctor and pay for most of your bills once you satisfy the deductible

* Managed care plans such as PPOs and HMOs, where you exchange some freedom in selecting your health care providers for lower monthly premiums

* Short-term insurance plans if you just need coverage for a few months

* High-deductible plans, often combined with a Medical Savings account, that cover all your medical bills once you reach the deductible

* Major medical plans that just cover accidents and illnesses

So how do you choose? Look at your lifestyle and see what type of insurance you need.

If you're young and in good health, you may only need a major medical policy. If you're looking for a job that offers health insurance as a benefit, then you might need a short-term policy.

Have children to think about? A comprehensive policy, such as an indemnity plan, or a PPO or HMO might offer the best coverage.

Where to Get the Best Rate

Whatever type of policy is best for you, be sure to go to an insurance comparison website and do some comparison shopping before you buy anything. This will help ensure that you're getting the best price for your insurance.