October 5, 2006 6:55 AM
Family Health Insurance Plan: Pros And Cons Of Cash Plans
One of the most affordable ways to get a family health insurance plan is to look into a “cash plan.” The way a cash plan works is that the insured person (family) will make monthly payments to the cash plan insurer, much like paying a monthly health insurance plan bill. The cash plan insurer hangs onto this payment in some form, and then provides cash when a member of the family must seek medical attention.
Most people find that cash plans aren’t ideal, but despite their negative aspects, they do offer positive aspects that may make them an affordable family health insurance plan choice.
Positive Aspects of a Cash Plan
Cash plans are usually much cheaper than any other kind of health insurance plan you could purchase, and you can even choose how to spend the cash as far as medical expenses go. Some plans do not just cover time spent in a hospital; some cash plans may cover vision and dental care, as well as prescriptions. Some cash plans even provide medications for the family member.
Negative Aspects of a Cash Plan
Cash plans, unlike Private Medical Insurance, also known as PMI, don’t offer access to the more ideal health care providers, nor do they offer access any quicker. So, you may be left waiting for a while before you can see a health care provider that may not be at the top of your list. Your wait could be even longer due to the waiting period that some cash plans enforce; meaning, you might have to wait a certain amount of time before you can actually seek medical treatment.
There may also be a limit of cash the cash plan will hand over, so you’ll most likely have to pay some out-of-pocket expenses. Plus, any existing medical conditions you or your family members had before enrolling in the cash plan are usually not covered under the cash plan.
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