My name is Hannah and I'm thrilled to guest post here at Cherry Colors. I run a website dedicated to offering free health insurance resources and I'd love to share a few things with you. Thank you so much for reading. Be safe and stay healthy and beautiful everyone!
On average, a 3-day hospital stay could cost as much as $30,000; a major heart attack, nearly $1 million; a knee surgery, about $50,000. Medical care comes with a big price tag these days, it's no wonder that a lot of bankruptcies are caused by hospital and medical bills. If you're without health insurance now, you're not only risking your health and wellness, you're also likely pouring your money down the drain. Forgoing health insurance means paying a penalty and spending ridiculous amount of money on medical bills. You may be the picture of good health now, but you never know what life will throw at you - illness, injury, accident. Most of us will need medical care at some point and having health coverage provides us with an affordable way to get that when we need it.
So how does health insurance protect us?
A health plan is a contract between you and the insurance company. Your plan covers part of your medical costs so you are not left paying very high expenses on your own. Most health plans also come with benefits - preventive services like shots, screenings, counseling and check-ups that will not only reduce healthcare costs but more importantly, help us check for diseases, avoid them or treat them early.
Things to consider when choosing a plan
Budget. It has to be realistic. The most expensive plan is not always the best plan. It's important you pick a plan you would be able to afford.
Network of providers. Check the insurance companies' list of providers to see whether your favorite doctors and hospitals are included.
Coverage and benefits. Types of treatment, services and drugs covered. Pre-existing condition. Birth and natal care. Current and future needs.
A premium is the total amount you pay your insurance company for health insurance coverage. You typically pay this every month.
A deductible is an amount you pay out-of-pocket before your health insurance company begins to pay its share. While most Indemnity and PPO plans do require a deductible, generally, HMO does not.
A copayment, also referred to as ”co-pay”, is a specific charge you'll pay for a medical service or supply. For example, for a $200-worth visit at the doctor's, you may pay a $20 co-payment while your insurance company pays the rest.
Coinsurance is the amount you pay for coverage after you meet any co-payment or deductible required by your plan. It's a percentage of the charge, so for example, if your plan covers 70% of the charge, you may need to pay the remaining 30% as coinsurance.
Health insurance, with all its clauses, limitations and exclusions could easily stump us. Figuring out the best insurance plan for yourself and your family can be very confusing. But don't let the fine print intimidate you. Do some research. Read reviews and compare plans. Call an insurance broker, or your insurance company support line. You can also get free resources at http://www.myclaimsource.com. Check out a growing list of health insurance companies, contact information, coverage details, and how to's and steps.