What you Need to Know When Buying Health Insurance

As we saw in the previous blog, there are various resources so that, taking into account the economic and immigration situation of all of us, we can obtain affordable health insurance.

However, I dare say that health insurance is the most complex product in the world of insurance. Because, to tell the truth, having insurance does not mean being fully insured. Let me explain why.

Health insurance can, for the most part, be defined as cost-sharing plans. What does that mean? It means that even if you pay a monthly payment, the insurer will almost always only pay a percentage of your medical bill. As you can see, there are many small details of which I will mention a few.

First of all, don’t forget this rule:

THE LESS YOU PAY PER MONTH, THE LESS YOUR INSURANCE WILL COVER.

Your PREMIUM OR MONTHLY PAYMENT is the fixed amount that you pay month after month to keep your policy active. Now, this price varies depending on how much you are willing to assume or pay when you use it. That’s why, when you pay little, you’ll be responsible for much of the bill. This could be 30%, 40% or even 50%. If you hope to use their plan, I recommend that even if you pay more per month, you buy one where you will only be responsible for 20% or even 10% of the expenses. In the end, you will save more.

Also consider THREE other terms: DEDUCTIBLE, COINSURANCE, AND ANNUAL MAXIMUM.
Just like auto or home insurance, the DEDUCTIBLE is the portion you are responsible for paying BEFORE the insurance begins to cover you. There are plans on the market with deductibles greater than ten thousand dollars. So check the amount carefully before choosing your policy.

The other thing to consider is COINSURANCE, which is nothing more than the percentage that you will continue to be responsible for EVEN when you have paid your DEDUCTIBLE. As you may hear, there are plans that even after you have paid everything mentioned above, you have to continue paying UNTIL you reach the ANNUAL MAXIMUM, the total amount for which you are responsible during the life of the policy, which is generally one year.

As a last point, keep in mind that each medical service has a different price. The cost of a primary doctor is not the same as that of a specialist. A laboratory service is very different from getting X-rays. And in turn an MRI is much different to a CT Scan. And there is a difference between a visit to the EMERGENCY room vs. EMERGENCIES. And with prescriptions or medicines it is similar. If it is generic or branded, the price varies.

In short, it is so complex that I recommend a specialist. If you don’t know one, I recommend that you call 833-MARRERO. It is free and a national service.