Personal Finance

Running head: PERSONAL FINANCE
Personal Finance
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1PERSONAL FINANCE
Table of Contents
Answer to Part A:.......................................................................................................................2
Answer to question 1:.............................................................................................................2
Answer to question 2:.............................................................................................................3
Answer to part B:.......................................................................................................................3
Answer to Part C:.......................................................................................................................4
References:.................................................................................................................................6

2PERSONAL FINANCE
Answer to Part A:
Answer to question 1:
The landscape of health insurance can be considered complicated to circumnavigate.
There are two steps that a person should consider for evaluating and choosing the health care
insurance options is explained below;
Step 1: Comparing the types of health insurance plans: An individual might encounter
some kind of alphabetic soup while shopping for the plans and the most common types of
insurance plans are HMOs, PPOs, EPOs or POS insurance plans. The type of plans one
would chose would help in determining the out of pocket costs and medical facilities one can
avail. At the time of comparing plans one should evaluate the summary of benefits
(Billingsley et al., 2016). Online insurance market generally provides link to the summary
and represents the cost that is near to plan title. A provider directory should provide the lists
of doctors and clinics that participate in the insurance plan network should be available as
well. While evaluating the different plans it is necessary to put the family medical needs
under the microscope. Before choosing any plan one must see the primary physician care
before scheduling any procedure or visiting a specialist.
Step 2: Comparing the network of health plans: Cost is lower when a person visits within-
network doctor as insurance companies usually contract lower rates with the inside network
providers. When a person goes out of network, those doctors does not have to contract rates
that costs their insurance company (Seay et al., 2017). While selecting any preferred doctors
and want to keep seeing them in future then it becomes necessary to provide the directories
for the plan that a person is considering.
If a person does not have any preferred doctor, the insurer would probably want to
plan with the large network in order to have more choices. A larger network is particularly