Let's first determine what your needs and preferences are. Here is a list of questions you may want to ask yourself:

  • Do I want a high, low or no deductible plan?
  • Do I want a plan with prescription drug service?
  • Do I want the freedom to choose my own doctors and hospitals?
  • Do I mind having a "gate keeper"?
  • Do I want to be covered when and where I travel?

Once you have decided what you want in a plan, you may pick and choose what plan best suits your needs. There are basically three kinds of plans:

  1. INDEMNITY -- The traditional plan also known as fee-for-service. It allows you to choose your own doctors and hospitals. After a deductible, the plan usually pays a certain percentage [e.g. 80%] of your claims until a maximum out of pocket expense is reached [e.g. $2000]. It then pays 100% up to the plan's maximum. Watch for carriers that pay claims based on Unusual and Customary Rates!
  2. PPO -- Preferred Provider Organizations (PPO) have negotiated special rates with doctors and hospitals. This allows them to pass on savings to the insured in the form of lower premiums. The insured may also benefit by virtue of paying smaller co-insurance amounts if they use in-network doctors and hospitals. You may still choose your own doctors and hospitals. Your benefits will, however, be greater if you stick with in-network doctors and hospitals.
  3. HMO -- Health Maintenance Organizations provide a wide range of comprehensive health care services using a network of doctors and hospitals. Care is often provided without a deductible and with a low copay. Unlike PPOs, however, they do not allow out-of-network services except in the case of an emergency. A primary care physician will determine the necessity of refering the patient to a specialist.

Now that you have done your homework, pick up the phone and call IBA at 301-424-4011. The advantage of talking to a broker is that they are usually not tied to one single carrier. A competent broker should not only be able to assist you with technical knowledge but make available to you choices from a variety of insurance companies.