Health insurance protects you against the financial burdens associated with illness, injury, and necessary medical care. From emergency room visits to preventative care, your policy should provide financial security despite the high cost of medical bills – whether planned or unexpected. In Wisconsin, there are many ways you can obtain health insurance, whether through a group health plan or on the private market. Our job is to help you find the coverage you need for your family or business, so covered individuals can focus more on health and recovery and worry less about the price of care.
Traditional Health Insurance
There are several different types of traditional health insurance plans, each of which features different requirements for coverage and benefits. When choosing a health plan, it is important to understand the differences in the primary types of coverage. Examples include:
HMO (Health Maintenance Organization)
This type of coverage typically requires you to seek care from a network of medical providers that are under contract with the insurance company. Individuals enrolled in an HMO plan usually establish an in-network primary physician through whom medical care, including referrals, is coordinated.
PPO (Preferred Provider Organization)
This type of insurance plan provides better benefits when covered individuals seek care from care providers within the PPO network of doctors and hospitals. However, enrollees still retain the choice to seek care outside the provider network and still receive coverage benefits. In addition, most PPO plans do not require the coordination of medical care through a specific primary care physician.
HDHP (High Deductible Health Plan)
A high deductible health plan is identified by its high deductible, meaning a covered individual is responsible for a greater portion of initial medical expenses before the insurer provides benefits. In exchange for a higher financial responsibility for care, individuals enrolled in an HDHP typically enjoy lower monthly premiums compared to low-deductible health plans. In addition, some HDHPs are HSA-eligible, meaning enrollees can contribute personal funds to a health savings account tax-free when those funds are used for eligible medical expenses.
Group Health Insurance
If you own a business, large or small, health insurance is an important way you can provide financial security for your employees, as well as encourage employee loyalty and morale. Group plans spread risk among multiple enrollees, making it possible to achieve lower overall premiums than an employee might otherwise find on his or her own when shopping the private market. Furthermore, certain small businesses may qualify for federal tax credits to help offset the cost of purchasing coverage for employees.
At Long & Company, we work to explain coverage options to business owners. Whereas those with only a few employees may prefer a single group health plan, those with a larger payroll may choose multiple group insurance plans to accommodate a wide range of needs and preferences.
Individual Health Insurance
If you are self-employed or you do not have access to an employer’s group coverage plan, an individual private health insurance policy may be right for you. This type of coverage is also appropriate for individuals who are unhappy with their group insurance coverage, whether due to the cost of premiums, the overall benefits, or the lack of coverage for a spouse and/or dependents.
Individual health insurance in Wisconsin comes with a wide range of deductible options, including policies that qualify enrollees for health savings accounts. Policies also cover different percentages of medical expenses, including coverage for doctor visits either before or after you meet your deductible.
In the State of Wisconsin, individuals enrolled in certain health insurance plans may be eligible for subsidies to help offset the cost of individual health insurance premiums so long as they meet certain qualification criteria. These subsidies can make obtaining health insurance even more affordable. An agent here at Long & Company can help you better understand your coverage options, including policies better suited to fit your budget.
If you are nearing or past the age of 65, the health insurance landscape is different for you. Medicare provides the foundation of medical coverage for most seniors in the U.S., but it does not provide the complete coverage that many enrollees are accustomed to from private health insurance.
At Long & Company, we offer Medicare supplement policies that can help fill in gaps left by federal Medicare Parts A and B alone. This can include Part D coverage for prescription drugs, or Part C coverage that is purchased as an alternative to enrollment in traditional Medicare. With Part C coverage (Medicare Advantage Plans), covered individuals can receive traditional medical benefits, as well as prescription drug coverage and benefits for other costs, such as vision and dental bills.
We offer policies that can help assure coverage for a wide range of benefits, from physician visits and medications to hospital visits and hospice. Let an agent assist you in choosing a Medicare supplement plan that is right for you.
Health Insurance and Medicare Supplement Quotes
If you are in the market for a health plan in the greater Oconomowoc area, Long & Company can help you find the coverage you are looking for. Depending on the type of coverage you are seeking, you may be limited to purchasing coverage only during select enrollment periods, which may be determined by specific dates or your birth date. We recommend contacting our office to discuss your options even when you are in the earliest stages of considering your health insurance options.