News networks have been actively talking about a topic lately that affects everyone: health insurance. As New Mexico plans to release a new health insurance website, many residents are encountering long waits and errors when attempting to submit applications on the government's main website. If you find yourself needing to know more about medical insurance quotes and the different options, this article can guide you.
Who Has Health Insurance in New Mexico?
- 80.4% of New Mexico residents have health insurance.
- 55.8% of New Mexico residents pay for private health insurance.
- 36.2% of New Mexico residents have public health insurance.
- 19.6% of New Mexico residents have no health insurance coverage.
With so many residents lacking coverage, when medical emergencies happen, expenses can pile up. The average emergency room visit cost $1,369 in 2009, and while that may not seem like a large number for some, for others, especially those with existing financial troubles, it can spell disaster. For many NM residents, health insurance coverage should be a priority. While some individuals think that they'll never need it, one accident or illness is all it takes for health insurance to prove its worth.
What You Need To Know Before Getting Health Insurance
Finding medical insurance quotes, either through private companies or the government, is easy. A quick computer search can elicit a variety of options and coverage amounts. When contacting medical insurance companies for quotes in New Mexico, you will have to answer questions regarding your personal information, state of health and preferences when it comes to care. When looking at these quotes, consider the following before choosing:
- Does your family need specialized care or medication, such as dialysis, ongoing medical care or special prescriptions?
- Is the proposed annual deductible feasible for your financial situation?
- Is the monthly premium affordable for your family?
- How much in co-pays are you able to afford?
- Do you have physicians you prefer to see or are you willing to see a doctor assigned to you by your healthcare provider?
All of these factors will come into play when deciding which plan is right for you and your family. When considering your options, keep these coverage types in mind, and decide which works best for your situation:
- HMO (Health Maintenance Organization): This option is more affordable, but with this health insurance plan, the HMO will "assign" you a physician or offer limited options.
- PPO (Preferred Provider Organization): This health insurance plan is usually more expensive, but it will allow you to choose any doctor, including specialists, although co-pays may vary.
- POS (Point of Service Plan): This plan works similar to an HMO, except you have access to specialists for a larger portion of the cost.
- HDHP (High Deductible Health Plan): These plans offer no coverage until you meet the deductible, which means that you pay more out of pocket for services. This plan has a $0 deductible for routine physical exams however.
- Indemnity: This plan offers you the freedom to see any doctor at any time; however, you pay out of pocket. Following the service, you can apply for reimbursement, usually at the 80% level.
Is Your Employer-Sponsored Plan Enough?
While employer-sponsored plans are a wonderful benefit, they can be expensive and limiting with regard to the coverages they allow. When reviewing your employer-sponsored plan, you may notice gaps that can affect you and your family, such as prescription coverage amounts or therapy services. Supplemental coverage options are available to cover these gaps, such as the following:
- Disability Coverage: There are two main types of disability coverage: short-term disability and long-term disability. Short-term disability will give you benefits for events like a small injury, having a child or a lengthy sickness. Long-term disability will cover you in case of serious, lifelong injury, a cancer diagnosis or a cardiovascular event like a heart attack.
- Hospital Insurance: Many regular health insurance plans have gaps when it comes to hospital coverage, and your portion of the cost can get expensive quickly. Hospital coverage can help cover things like deductibles, home health care, transportation costs, and childcare.
- Long-Term Care: Long-term care can help you cope with a major medical event or age-related care, such as nursing homes, at-home care or physical therapy.
- Major Medical: This type of policy acts like a "safety net" and provides coverage in case of a major medical need. This coverage is usually affordable, except that it only covers large medical expenses.
Some employer-sponsored plans may also cost more than finding a plan through an independent insurance agent. It's always a wise idea to get quotes from several different insurance companies before making a final decision on your family's health care.
How Do You Get Health Insurance Quotes?
In your search for the perfect health insurance plan, contact a Trusted Choice® agent. These agents can help you examine the confusing health insurance options and terminology, and compare different carriers and plans in order to find the right plan for your family.
Make sure you get the coverage you need. Contact a Trusted Choice agent for more information.