Sufficient data collected by the Journal Health Affairs has found that about half of all Americans living with health insurance always feel confident that they can understand and relate to basic insurance terms. In Canada there are a wide variety of insurance covers including commercial insurance. Get the best health insurance cover from insurance broker. And less than a quarter of all the uninsured Americans feel the same way. This article highlights five essential things you should know about health insurance consumer needs and how they relate to you.
- The premium isn’t everything
You need to be aware of the fact that every health insurance cover has some variables to it. So, even just looking at the total monthly payment or premium will not end up telling you the whole story of the health insurance plan.
It is, therefore, vital that you fully understand the type of health insurance plan you are applying for before you apply. Try and ensure that you understand the big picture which includes annual deductibles and everything else.
You should look for low copayment premiums if you are one person who regularly seeks health care. These premiums are fixed out-of-pocket charge.
- Coinsurance and copayment are not the same
These two insurance types deal with cost-sharing between the insurance company and the consumer. They are, however, two very distinct payment types.
Copayments are situations where you find that the patient pays an exact flat dollar rate to the provider for each service rendered.
Coinsurance, however, is the percentage of all the costs that a patient is entitled to pay after all the deductibles have been met.
- Out-of-network benefits can sometimes be costly
A regular insurance plan usually includes health care facilities, a network of doctors and other providers that work for or even contract insurance companies. The insurers then have to agree on how it will provide services and at particular rates.
It may, however, be necessary to use out-of-network providers. For instance, health care crises can occur while you are traveling and the provider is in your network. But then you find a case the hospital where the provider is stationed is outside your network. This can end up presenting a lot of questions as to whether the services provided will be covered.
- Patients have to make sure all charges are paid
Know this; insurance cards are not credit cards. You will incur bills the more you use them and for every service that you receive, says Seltzer. What you need to know is that you will be ultimately responsible for all the health care costs that you incurred while using your health insurance cards.
- Avoid the ER as much as you can
The hospital ERs are designed to treat true emergencies like traumatic injuries and persistent chest pains. But if you are the one who uses the hospital ERs constantly, then you should expect to see both increases in prices and wait times.
Avoiding the emergency rooms will save you a lot of money and time, so, try and avoid them as much as possible unless you are in a real emergency situation like you have been in an accident and are badly hurt.