Health Insurance

Are you prepared for a medical emergency? If you suddenly find yourself without adequate or affordable health insurance, or if you have questions regarding your current health plan, our BankWest Insurance professionals will help you find coverage for you and your family.

Health Maintenance Organization (HMO)

These plans can be more affordable than other types of health insurance, but your choice of physicians is limited to a network of health care providers. Customers must choose one physician from the network as their primary physician, and they must get referrals through their primary physician to see specialists. These plans cover only in-network specialists. For those who need to see a variety of specialists, an HMO could be too restrictive.

Preferred Provider Organization

These plans give customers greater freedom in choosing the doctors and specialists they wish to see. Reimbursement for out-of-network providers is at a lower rate than for in-network providers. This is an option for those who need to see multiple physicians or want greater flexibility in their choice of doctors.

Health Savings Account (HSA)

An HSA is a tax-advantaged personal savings account used to pay for healthcare expenses. To be eligible for an HSA, the account owner must enroll in a qualifying high-deductible health insurance plan. Like most coverage options, the advantages and disadvantages of choosing this option depend on your personal situation. The primary advantages of an HSA include tax-deductible contributions, tax-free growth, and the flexibility to grow the account by allowing balances to roll over year to year. If you don’t anticipate incurring large or frequent medical expenses, and HSA is a cost effective way to manage your health care costs. However, if you incur frequent and/or large medical expenses, you may find it difficult to build up your HSA balance and a health insurance plan with a lower deductible may be a more cost effective for your situation.

Visit with your BankWest Insurance professional about Health Savings Accounts and qualifying high-deductible insurance plans to determine whether this is the right coverage for you.

Indemnity

Also known as a fee-for-service plan, this is an option for those who can afford to pay all of their medical expenses up front. The policy reimburses customers for up to 80 percent of their covered expenses, after the fact. It offers more freedom than any other plan in choosing providers and services.