Health Insurance

Health Insurance is something everyone needs, most people have, but few know anything about.

Some good advice on policies

Be prepared
Health insurance is purchased to provide security when it’s most needed (as in a serious illness). Being prepared ahead of time can save you large bills and headaches later.

Limits
Most policies have a one or two million-dollar lifetime limit. While this may seem like a lot of money (and it is!), it is possible to use that and more when fighting a serious illness. Of course once you reach your limit, it is unlikely that you will be able to get more from your insurance company. Consider a policy with at least a five million dollar lifetime limit.

Reasonable
Most policies pay what is "reasonable" and/or "necessary", which often leaves the policyholder responsible for a good percentage of the bill--much more than the 20% (for example) you had counted on paying. For example, if you have a $5,000 outpatient surgeon's bill and the insurance company decides the reasonable rate is $4000, they will pay their 80% based on their "reasonable" assessment, or $3,200 and you must pay the other $1,800 balance due.

What to do
Find your current insurance policy. Evaluate it using the previous points. Make sure you have the right policy to give you the security you really need now, before it is too late.

Types of Health Insurance

Conventional health insurance.
Provides for hospital, surgical, medical, major medical, comprehensive, catastrophic and dental plans. Commercial insurance companies, independent organizations, Blue Cross and Blue Shield, provide this insurance. Rates depend on which plan you buy into, the level of coverage you and your employer chooses, and whether you purchase individual or family protection.

Prepaid health care plans.
The major providers consist of HMOs or Health Maintenance Organizations, and PPOs or Preferred Provider Organizations. These are groups of doctors, hospitals and other health care professionals who have joined together to provide members with prepaid medical care. Instead of paying a premium, each member pays a flat monthly or quarterly fee.

Government health plans.
These include Medicare and Medicaid. They are both federally funded, while the latter is administered by the state. Check with your local offices to see if you qualify.

How to Check Your Coverage

There are several questions to ask when checking your health insurance coverage:

Does your insurance provide coverage for only a specified amount per day, or does it cover usual customary costs?
Does the plan cover pregnancy?
For the unmarried, or only insured and/or spouse?
Does it cover newborns from birth?
Does it cover hospital costs for as long as the injured needs treatment?
Does it exclude coverage for specified illness or accidents?
How long does it cover the insured's children?
Does it pay for outpatient treatment and/or emergency treatment?
Is there a time limit on submitting claims?

To learn more about insurance, talk to a Rolland Insurance Agent today by calling 614-789-1891.

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