The necessity of taking out health insurance cannot be overemphasized as healthcare costs continue to skyrocket. Each doctor’s office visit can cost up to several hundred dollars in the U.S. Additionally, a few days of hospital admission can incur a cost of tens of thousands of dollars. Health insurance coverage helps cover your medical expenses up to the limit of your policy. After that, you finance the rest out-of-pocket.
It can go a long way to take the burden off you by taking care of the bulk of the costs.
For your health insurance to kick in, you must keep up with paying your premiums. Premiums are periodic payments made to your insurance company in exchange for coverage should you fall ill or get injured. Here are three important questions to ask yourself when deciding on the health insurance that best suits you:
Where can I receive care that’s covered by my health insurance?
Health insurance plans control their costs by mandating enrollees to get care from specific care providers. These care providers include physicians, hospitals, laboratories, pharmacies, and other medical institutions. Most insurance companies contract with a specified network of providers that have agreed to supply services to plan enrollees at a subsidized price. Getting treatment from providers outside of the network does not qualify to claim insurance, except in rare situations.
Your insurance company may not pay for the services provided by the out-of-network provider or may yield only a smaller portion of the proceeds. This means that the enrollee would pay higher out-of-pocket costs for this type of care.
Which healthcare expenses does the insurance plan cover?
Ask your insurance provider about all the coverage providers under your policy. Health care reforms in the U.S., provided under the Affordable Care Act, introduced more standardization to health insurance plan benefits. Prior to this, coverages would vary from provider to provider.
Ensure that your policy includes all the standard coverage, such as:
- Outpatient care (doctors and hospital care services)
- Emergency services
- Laboratory tests
- Preventive care services
- Maternity and newborn care (obstetrics and gynecology)
- Pediatric services (including vision care and dental care)
- Prescription drugs
- Mental health and substance abuse treatment
- Rehabilitation services
These are the essential health benefits that everyone needs, and if you need to make some special additions, you can inform your insurance provider. The best insurance companies will offer customized packages to suit each client’s specific situation.
What will my health insurance plan typically cost?
Enrollees must know that health insurance isn’t free, so certain payments must be made before they can make claims. Some of the costs that are associated with health insurance are premiums and deductibles. These are the expenses that you pay out-of-pocket to pay for your health insurance coverage and medical expenses, respectively. It is a general rule of thumb that the more you pay for your premium, the lower your deductible, and vice versa.
Premiums are periodic payments (monthly or annually) made in exchange for coverage, while deductibles are upfront payments made to the medical institution before the insurance can kick in.
Our insurance experts at Randy Jones Insurance can help you get the most appropriate health coverage based on your preferences and budget to protect you against emergencies. Contact us to know more about our health insurance plans today!