As each year passes, it seems that the cost of everything goes up. Bread is higher, gas costs more, and people are trying to save money every way possible. But one area where you don?t want to skimp on coverage is health insurance. The premiums you pay can seem expensive but if you had to pay for medical costs out of your pocket, it could easily bankrupt even the most financially sound individual.
But it can be confusing trying to compare health insurance policies and finding the best policy for the best price. With so many options, you may feel like you?re being bombarded with information.? If you understand the basics of health insurance coverage, you can learn about additional items as you conduct your research.
Q1 : What is health insurance?
A: Health insurance is a type of insurance that covers your medical expenses. You can buy it from a private insurance company or it can be provided by your employer. Just because your employer offers health insurance?doesn?t?mean you have to go through the company. You have the right to seek more affordable health insurance elsewhere.
Q2: What Does Health Insurance Cover?
A: Health insurance is supposed to cover any kind of medical related expenses but since this is such a wide category, policies are normally very specific. Some health insurance will cover preventive care like annual doctor visits and pap smears while others plans will not. Some health plans will cover all mental care while others only cover it under certain circumstances. It?s important to review your health insurance policy and completely understand what is covered and what is not. You want to make sure you know before it?s too late.
Q3: What?s the difference between an HMO and PPO plan?
A: An HMO plan, or health maintenance organization, is a form of insurance policy that only covers procedures performed by a pre-determined network of doctors. If you seek medical services outside of this network, your insurance plan will not cover your procedure.
A PPO plan, or a preferred provider network, gives you more freedom in choosing a medical professional. Like an HMO, there is a pre-determined network of doctors but you can go outside of this network as well. The insurance company pays for a higher percent of the medical cost if you work with a preferred doctor but it may be worth it to you to pay a higher out of pocket expense and work with a doctor outside of the preferred network.
Q4: How Does Health Insurance Pay for Medical Costs?
A: Similar to other insurance policies, you pay a premium and your insurance company provides a service. There are certain stipulations to this service and your coverage is subject to the amount you choose to purchase. Depending on the type of insurance plan you buy, there may be certain out of pocket expenses you have to cover before your insurance begins.
Q5: What is a Co-Pay?
A: A co-pay is a set amount of money that you pay for a specific type of medical service. After you pay that co-pay, your insurance should cover the remaining costs unless you have to meet a deductible or pay a certain percentage. For example, if you visit a doctor?s office, your co-pay may be $20 but if you visit the emergency room, your co-pay may be $55. It can vary but is a pre-set amount that does not change.
Q6: What is a Deductible?
A: A deductible is the amount of money that you must pay out of pocket before your insurance will begin to cover medical services. Some services may be covered before your deductible is met and other may not.
Q7: What is Co-Insurance?
A: Co-insurance is when you agree to pay a certain percentage of all medical costs and your insurance company pays a certain percentage of all medical costs. This can be in addition to co-payments and subject to a deductible.
Q8: Am I Legally Required to Have Health Insurance?
A: Right now, you?aren?t?legally required to have health insurance but in 2014, you will be. With the passage of the Affordable Care Act, all Americans will be required to have health insurance but there will be some exceptions. If you don?t have health insurance, you can be fined but the goal is that health insurance will be much more affordable. This should make it easier to find adequate healthcare coverage.
Q9: How Much Does Health Insurance Cost?
A: The cost of health insurance varies and depends on different thing. If you have health insurance through an employer, the company is going to pay the majority of your premium costs but if you have health insurance through a private employer, you are responsible for the full premium. Depending on the type of plan you buy, individual policies can cost $150-200 and family policies can cost up to $425 per month.
Q10: Can I Buy Health Insurance if I?m Self-Employed?
A: Yes, you can buy health insurance. You will need to do comparison shopping with private insurance companies and make sure that the policy they provide meets your health needs. The premiums that you pay are tax-deductible.
Q11: Why Do I Need Health Insurance?
A: You need health insurance because the cost of medical services is extremely high. Health insurance helps offset these costs and encourages you to go to the doctor when you should. If you are uninsured, even small problems that go unchecked could turn into larger, more expensive issues down the road. It?s important to protect your health. Buy health insurance and live a healthy lifestyle.
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Source: http://www.healthinsurancequotes.me/top-11-health-insurance-questions-we-got-an-faq/
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