Health Insurance Basics
Health insurance, in this modern world of cancer, heart disease, AIDS, diabetes, asthma, ageing and other diseases and afflictions, it is essential to have some sort of health insurance.
There are many levels of health insurance coverage available; unfortunately, like most things in life, you get what you pay for, and good coverage can be very expensive.
The two most common terms in referring to health insurance are premium, which is the amount paid for the insurance, and deductible, which is your out-of-pocket expense before the insurance pays your provider.
For instance, you might pay $300 premium per month for family coverage, and your deductible might be $250 per person, which means if you fell and broke your ankle
and went to the hospital emergency room, you would be required to pay the first $250 of the bill.
You can purchase very basic catastrophic coverage, which would carry a very high deductible and the premium would be less than comprehensive coverage which would have a higher premium and lower deductible.
It pays to invest the time to investigate various insurance options, taking into consideration your age, your general health and the health of your family members.
Your employer may offer group health insurance, which is most likely the least expensive option for you, and usually the premium is deducted from your paycheck.
Health insurance is a calculated risk; can you afford the premiums or are you willing to risk that you would pay less out of pocket for medical expenses in a year than the premiums would cost? Consider carefully.
Getting the Most Benefit From Your Policy
The key to getting the most benefit from your health insurance policy is knowing your policy coverage.
Many people don’t actually read the policy for the policy plan book; they may not be aware that the policy may pay 100% of certain procedures, like annual physicals, mammograms, flu shots or certain labs tests.
The policy plan book will outline for you what procedures are not subject to the deductible or co-pay (your out-of-pocket expense).
Some insurance companies have shifted their emphasis from health insurance to health improvement and maintenance and will pay for the cost of gym membership, nutritional counseling or plans to stop smoking.
If you were trying to lose weight and knew that you could get these services at no cost, wouldn’t you take advantage of them?
If you wanted to quit smoking, wouldn’t it be beneficial to know that you could get the patch for free?
It is very wise to know what services are available to you through your insurance company, and you will only know if you take the time to read through your policy.
Health insurance is an expensive item; take advantage of every aspect of it that you can, not only for yourself but for the members of your family.
By taking full advantage of the free benefits of your health insurance policy, you will be healthier and possibly require fewer visits to your doctor.
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