Health Insurance
What is Health Insurance?
Health insurance is a type of insurance whereby the insurer pays the medical costs of the insured if the insured becomes sick due to covered causes, or due to accidents. Top health insurance providers include Humana, Blue Cross Blue Shield, Aetna, and Kaiser.
Why Buy Health Insurance?
A health insurance policy is a renewable contract between an individual and an insurance company. When the individual files a health insurance claim, that individual (the policy-holder) pays a deductible plus a co-payment, which is usually anywhere between $5-$20. Usually there is a maximum out-of-pocket payment for any single year, and there can be a lifetime maximum. In the case of emergencies, health insurance can mean the difference a $100,000 payment or a $1,000 payment. Prescription drug plans are a form of insurance offered through many employer benefit plans in the U.S., where the patient pays a co-payment and the prescription drug insurance pays the rest.
Questions To Ask When Choosing a Health Insurance Policy
Q: How much will health insurance cost me and how can I trim costs?
A: $100-$600 a month. Trim costs by excluding unnecessary options.
Q: Are there deductibles I must pay before the health insurance policy begins to help cover my medical costs?
A: Yes, there are usually deductibles ranging from $500-$10,000.
Q: What does the health insurance policy cover and what doesn’t it cover?
A: Check with your policy administrator to get this information.
Q: How can we put all of this knowledge together, armed with a handful of health insurance quotes, to select the perfect policy?
A: Your best bet is to review a couple health insurance quotes and choose the deductible and options that are right for you based upon your needs.
