With the recent changes in Healthcare Reform Law, the Affordable Care Act (ACA) has brought lots of changes. Since these changes are very hard to understand for many of us and most of the patients have lot of questions.
In this topic, we’ll try to help you to understand that what is new and what does it mean to you?
So, let’s discuss that What exactly is Health Insurance and Why you need it?
Basically, Health Insurance is an agreement between you or your employer and your insurance company to provide you protection from any kind of unexpected, like if you are getting sick or you might have to go to the hospital if you are hurt. Once you are enrolled with any health insurance plan, the insurance company agrees to pay part of your medical bills for covered services within your plan. This is what something called a Health Coverage. This coverage can cover your Doctor visit, Hospital Visit, Prescription / Drugs, Tests and other healthcare services including your routine preventive and wellness care.
If you are interested in other insurance such as window cleaning insurance from Tradesman Saver then you can check it out online or just carry on reading for a Healthcare Insurance Plan.
For your medical services to be covered by your Healthcare Insurance Plan, you need to pay a monthly Bill called a ‘Premium’. The time your premium is paid, you’ll only pay a part of the cost, when you need any medical care, while your insurance company will be the rest of your bill. The amount you need to pay will be in form of Co-payments, Deductibles and Coinsurances.
A Co-Payment is a fixed amount that you need to pay directly to the Doctor, a Hospital or any other Healthcare Provider for the medical services that you’ve received.
A Deductible is how much you to pay Out-Of-Pocket before your insurance company kicks in starts paying for your medical services. The Deductible works like, the Higher the Deductible, the lower the Premium.
Lastly, a Coinsurance is a part or percentage of a total medical cost, you need to pay once you meet your deductible. For example; you’d a visit at a doctor office, for which you have been billed for $100. Since, you already have met with your Deductibles, now you need to pay 20% as coinsurance for your total bill. By this you need to pay $20 and rest of your bill will be paid by your insurance.
For more information on Health Insurance, Stay tuned with Healthcare Insurance News to know more about Healthcare Insurance Plans.
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