Health Insurance
Medical debt can be nearly insurmountable if you don’t have health insurance, which is one of the reasons why it is the leading cause of bankruptcy in the US, accounting for 62.1% of all bankruptcy filings.
Health insurance makes it so that you do not have to worry about this. There are multiple forms of it, with their own costs and level of coverage.
What Are the Costs?
Health insurance plans charge the following:
- Premiums – payments that enable the policyholder to retain his or her plan. This is typically paid monthly
- Deductibles – set amount of what the policyholder needs to pay before coverage begins. This is often an annual payment
- Coinsurance – this is the amount left over to you after your plan has covered its share of your bill. This is usually based on a percentage of the overall costs. Your plan may agree to pay 80% of the bill and leave the remaining 20% up to you
- Co-payment – predetermined amount you pay for every visit
Factors such as age, state and federal regulations, location, type of plan, and where the policy comes from all play a role in what the plan costs and covers.
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What Does Health Insurance Cover?
Different plans have a different set of treatments and services they pay for. Some policies will cover everything from hospital expenses to routine appointments and prescribed medications, whereas others will only cover one area of medical treatment.
The amount of coverage has an impact on premiums – the more coverage, the higher your monthly payments will be.
Eligibility differs between plans. For employer-sponsored insurance, eligibility is determined by the hours you work, while for a government program like Medicaid, you are only able to get it if you earn at or below a certain income level.
You can also have more than one type of plan so that you have more extensive coverage. This can be in the form of another health insurance plan or a supplemental insurance plan that covers the remainder of your out-of-pocket costs.
What Are the Different Types?
Health insurance comes in many forms. Your health insurance can be from:
- An employer
- Federal and/or state government (such as Medicare and Medicaid)
- A private insurance company
- A parent or spouse
Health insurance doesn’t always have to be permanent – some policies are effective for a short period of time to help you get through a sudden loss of coverage. This way, you can have something to get you by while you search for a long-term plan.
There’s no one-size-fits-all. The best policy for you may not be the best policy for someone else. An individual’s circumstances and preferences are what make for the most appropriate choice.
We’d love to hear from you! Call our friendly team on 833-372-4327
Phone: 833-372-4327
Other: 260-376-0042
Email: medicareforcheap@gmail.com
Address: 4666 W Jefferson Blvd Ste.150, Fort Wayne In 46804
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- Sunday
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