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Affordable Health Insurance FAQ
by
Sam Dicosta
When you are comparison shopping among several different affordable health insurance policies, be sure you ask the following questions and compare their answers.
What is the affordable health insurance policy deductible? This is how much you will have to pay up front before the benefits start being given out. Be sure this is an amount that you can afford. You can choose an affordable health insurance policy with a lower deductible if you prefer by paying higher monthly premiums, or vice versa. Many people choose an affordable health insurance plan with a high deductible in order to keep their monthly premiums low. This is a good option if you do not use medical services frequently.
What is the coinsurance or copayment, and what will the affordable health insurance carrier pay? You are responsible to pay the copayment, such as $25, or a coinsurance, such as 20%, of covered medical services. The insurance company will pay the remainder of the balance. Most affordable health insurance plans have different copayment amounts for different types of medical services, such as office visits, specialists, behavioral health, emergency care, or hospital stays. Be sure to read the specific details of your affordable health insurance policy for this information.
What are the limits on your the affordable health insurance plan? There are many kinds of limits usually regulating and the affordable health insurance policy. One important limit is the annual out of pocket maximum. This is the most you would have to pay out of your own pocket before the insurance carrier has to start paying 100% of medical charges. Other limits include benefit limits, such as only 25 behavioral health visits being covered per year, or pre-authorization being required for certain services, such as physical or occupational therapy. You need to know these limits in order to plan your medical budget.
How soon after applying will my affordable health insurance policy go into effect? Some people mistakenly believe that the second they complete an affordable health insurance plan application, it will go into effect. However, often the effective date will be the first day of the month following the approval of your application by the medical underwriting department. This means that it may be close to a month before you have an effective affordable health insurance policy.
When can my affordable health insurance policy rates or premiums be increased? Most insurance carriers will guarantee that the premium rates will stay the same for the initial twelve month period after enrollment. However, after that, the affordable health insurance policy premiums may increase every year. When it is no longer an affordable health insurance policy, then you may want to consider switching to a different policy or a different carrier.
What are the network restrictions with this affordable health insurance policy? If you are looking at a managed care plan, whether an HMO, health maintenance organization, or a PPO, preferred provider organization, there will be network restrictions. An HMO is a more affordable health insurance policy than a PPO, because it will not pay out benefits if you choose to see a physician outside the managed care network, unless in an emergency situation. A PPO plan, although still an affordable health insurance option, will also have network requirements, and will pay out higher benefits for in network medical services.
Sam Dicosta shares his knowledge on
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