What to Look for When Buying Health Insurance?

Health insurance helps you save money while getting the medical treatment you deserve. Every person has the right to care when they are sick or injured. However, with medical prices soaring there needs to be something there to help you cover these costs. Health insurance helps reduce the amount you will pay overall when you check-out. Despite this, many people are still going uninsured. As a matter of fact, there’s an estimated 10 percent of people in the United States of America going with health insurance.

When it comes to why people don’t have health insurance, around 40 percent cite the high costs. Luckily, there are health care providers wanting to make it easier to justify this service. Insurance Line One starts their services at a low price of five dollars a day, which is already cheaper than the nationwide rates from other popular companies. Nonetheless, understanding exactly how health insurance will help you will make your decision making process easier.

How Will Health Insurance Help Me?

Health insurance is here to help you save as much money as possible. Before you sign up there are many factors to be aware of; monthly premiums, deductibles, types of services. In addition to this, your money is going into a pool where everyone can pull money out when they are in need. This is one of the reasons why it’s so important to sign-up for this service. The more people who are enrolled, the more stable the marketplace will be. Healthier people truly help out the system, because there money is going toward people who need it the most.

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When it comes to determining how you much you save is based on the type of “metal” you choose. These “metals” say how much you spend in monthly premiums and in out-of-pocket spending. There are four available options for you to choose from; bronze, silver, gold and platinum. The more glamorous you go in metals means you will spend more money in monthly premiums. However, this price hike will result in a lower out-of-pocket spending.

For instance, bronze plans are the base tier and are usually reserved for people wanting to save the most money. You’ll spend a low average monthly premium around 388 dollars to have an assistance rate around 60 percent. Silver packages are next in line; costing somewhere around 428 dollars in premiums for a 70 percent assistance rate. For an assistance rate around 80 percent, you’ll need to spend around 507 dollars for a gold plan.

Finally, platinum services are for those with more severe medical conditions and/or frequently pick-up expensive medication. These services will help with you 90 percent of the bill, but you’ll need to spend around 583 dollars a month. To use real world examples, look at the average range for heart attack recovery. With heart disease being the number one killer in the country it’s important to have an idea of what you can possibly pay were you to deal with this problem.

30,000 dollars is a low-end estimate for recovery from this dreadful disease. However, were you to have a platinum service you’ll only need to pay for 3,000 dollars. Altogether, health insurance will be able to discount your total medical by more than half. Despite this, there can be some drawbacks to health insurance, such as having to cover your deductible.

What About My Deductible?

When you buy health insurance you are given a packet of everything your policy covers. In it, you’ll see a variety of different rules you’ll need to follow, one of them involves your deductible. A deductible is an annual fee you need to fulfill before you start receiving all of the benefits your health insurance covers. Your deductible will lower the more glamorous the “metal” you go. Although, there are some circumstances where you won’t need to cover your deductible completely in order for aid to kick in.

For instance, preventative care will be discounted immediately. Preventative care encompasses vaccines, birth control and even medications. However, you’ll need to look at your formulary to determine the actual price of the drug. The formulary will show you the copay or coinsurance rate you’ll need to pay for it. Your deductible will usually be paid off when you start making payments in this regard; medication, doctor visits, medical procedures, etc,.

Are There Different Services Available?

When you first start looking through health insurance plans you will notice a bunch of different anagrams and “metals” appearing. At first, this can be daunting to see. However, taking it one step a time will make it easier. For instance, there are four types of services available when you choose a medical package.

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First, there is an exclusive provider organization (EPO), which is similar to a health maintenance organization (HMO). Both, will cover your costs as long as the place you use is within their contract. Contrastly, HMOs will usually require you to live in a certain neighborhood or work in a general area. HMOs will also focus on prevention and wellness more so than EPOs.

Next in line is a preferred provider organization (PPO), which will allow you to see specialists and doctors outside of your contract, but at an additional fee. Comparatively, a point-of-service (POS) plan won’t allow this, and you’ll need a referral to see a specialist. Both won’t completely cover your services even if they are in-network, but you can pay a reduced price usually. Thankfully, there are health insurance companies who want to make this decision making process easier.

Who Has the Best Health Insurance Plans?

When deciding on a healthcare provider there are many options out there to choose from. Many will provide you with assistance when it comes time to pay your medical bills, but may also contain hidden obstacles to restrain themselves from helping you as much. Insurance Line One wants to change the way this is done; giving you the option to pay an incredibly low rate of 150 dollars a month, is the first step.

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We’ve also meticulously indexed our available services in an easy to read format to ease the stress many face when choosing a package. Our year-round open enrollment will allow you to apply whenever you need to. Completely comprehending what you are reading will prevent any unnecessary charges appearing on your bill.

Sources:

https://www.peoplekeep.com/blog/affordable-care-act-policy-costs-up-in-2017

http://health.costhelper.com/heart-surgery.html

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