The difference in New Jersey Health Insurance programs

Sometimes health insurance may seem like a financial burden at times, but it is unfortunately a necessity for survival and continued health. However, like most types of insurance there are many factors that can stop people from being able to afford it, or even from any insurance companies accepting them in the first place. It is for this reason that New Jersey Legislature created two programs to ensure that anyone would be entitled to health coverage regardless of their risk claims history, age or any other risk factors. If you have found it difficult to attain New Jersey Health Insurance from then these programs could be just the help you need.

Individual Health Coverage Program

This program was created so that individuals who are not entitled to healthcare programs provided by the government or by employers could still get access to health insurance. The program aims to provide people to access to many private carriers who can offer a range of health insurance policies. There is a standard individual health benefit plan designed by the Individual Health Coverage Program Board which can be purchased as either a fee for service plan or a managed care plan as well as there being basic and essential plans sold by private carriers, which are available as network based plans using an exclusive provider organization. The basic and essential plans are actually not just available for individuals but can actually be purchased for couples, families including at least 2 adults and 1 child and also a single adult and dependents.

The SEH or Small Employer Health Benefits Program

This program came into effect over 20 years ago in 1994. The aim of it is to ensure that small employers are entitled to access to small group health benefits plans regardless of the health status of any members of the group, as well as allowing these employers to easily renew their policies regardless of any changes that may affect the financial or health status of members. As well as, this plan is also there to protect employees as it enables all employees and any dependents they have to continue receiving the protection of health insurance even after they are no longer eligible to be a member of the group plan. In order to be able to partake in this program the employee group must be at least two members and no more than 50 members.

The Types of Arizona Health Insurance

Traditional Plan

Often called an indemnity plan, a traditional plan will allow you to go to whichever heath care provider you choose. However, you’re expected to pay for the costs in full when you go to the office. The insurance company will them pay back your expenses afterwards. Depending on the coverage, you might not receive all of the money that you initially paid for your care. This is the simplest plan, but it can be expensive if you need lots of medical treatment. It offers a lot of freedom, and it’s recommended if you don’t visit the doctor’s office very often.

Self-Funded Plan

A self-funded plan is when a union or company offers health insurance for its employees directly from its own budget. If your workplace offers a self-funded plan, you should consider opting in to avoid personal medical expenses. Self-funded plans are monitored and regulated by the Department of Labor, which ensures that they’re all aboveboard.

Specified Disease Plan

This plan shouldn’t be your only means of insurance, but you should consider purchasing it alongside your regular plan. If your family has a history of mental illness or another chronic disease, you should consider signing up for a specified disease plan. These plans normally don’t cost as much as a regular plan, and some health-insurance providers will bundle disease plans with their regular coverage.

When you go to get an Arizona health insurance quote, ask about their insurance bundles. Some insurance companies prefer that customers get all their insurance from the same agent, so they’ll offer a special discount for bundling all of your health insurance plans together. If you’re over the age of 25 and in good health, there’s also a good chance that you’ll get a significant discount on your health insurance premium.