Choice Enrollment Blog
Anyone who’s ever been hospitalized for a few days knows how traumatizing a hospital bill can be. In the U.S. alone, surveys show that almost 25% of the population have difficulty paying hospital or medical bills. When it comes to coverage, not all health care plans are the same. There are companies who offer low deductibles but also cover only a partial of your medical bills.
How Much Coverage Do I Need?
The first thing you need to do is to check your medical history for the past year. Ask yourself if you are anticipating a specific kind of procedure that you want done or if you’ve had some type of chronic illness. If you’re generally healthy, it could also affect the type of plan that you choose.
Review the Fine Print
After determining how much coverage you really need, you have to get to know your health insurance policy. The fine print is where you will find all that you need to know about the ins and outs of your health care plan. To help you understand more, here are five of the essential things that you need to know.
The amount of money that you need to pay before the insurance company starts covering your medical bills for you. If your health care plan’s deductible is $200, the insurance plan will only start paying bills over this amount.
Insurance companies have different deductibles and they usually let you choose which one fits your needs. Talk to your insurance agent about this to know more.
Summary of Benefits (SBC)
You’ll find this summary when you shop for coverage on your own or when you change or renew coverage through your job or HealthCare.gov. You can even call your health insurance provider and ask them to send you one.
This can be found when you renew your health insurance of when you apply for a new one. If you don’t get a copy, ask your insurance agent to get you one.
This is the money that you pay for your insurance every month, regardless if you were hospitalized or not. A good thing to remember is that the price of the health insurance should not be considered for the best health plan. You might be paying low premiums monthly, but when the time comes to file a claim, you will also get a low amount.
Out of pocket Costs
The total out of pocket cost pertains to the amount of money that you spend on health care in a year. This includes your deductible, premiums and money that you pay for prescriptions or procedures during a checkup.
Out of Pocket Limits
This points to the maximum cost that you need to shoulder in a year which includes all of your medical payments. This also covers your deductibles or other payments that you make to your insurance company except your monthly premium.
At Choice Enrollment, we take pride in making sure our clients are well protected at prices they can afford. To learn more about how we can help you please contact our agency at (719) 481-1616 or Click Here to request a free quote.