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How To Find And Understand Health Insurance

After reading this article you will become health insurance expert. You will be able to teach your broker about health insurance. Health insurance is simpler to understand than you think. There are only about three most important things to know about health insurance. The most important thing is the one that is over looked the most.Lets think about it for a minute what could be the most important thing when it comes to Health Insurance. When I asked someone that question I usually get responses like deductible or co-pay to go to a doctor. Well not quite… there is one thing its the reason you have health insurance in the first place. Ask your self this question. Why do you really have health insurance?… Lets take a look at some facts. Based on IRS Census number one reason for bankruptcy in the United States is medical bills, specifically the ones over seventeen thousand. Then number one reason to have health insurance is to protect your self from medical bills that are over seventeen thousand. We do not have to be that extreme. We can just say to protect you from anything that is out of your budget. There fore health insurance is designed to protect our selfs from large unexpected medical bills. In fact about twenty to thirty years ago all the health plans only really were designed to protect us from large medical bills. Most plans did not cover things like doctor visits, physicals, lab work and etc… No one ever went bankrupt because they could not pay their doctor visit bill.

Here is why we have health insurance plans that cover doctor visits and other small things. Back then insurance companies were competing for business from large companies and they wanted to offer benefits that would appeal to large companies and their employees. There fore they started adding things like coverage for doctor visits. It would be the same as having car insurance and having car insurance pay for things like oil changes, break downs, anytime you need a part for your car the insurance company would just pay for it. It doesnt make any sense does it? The car insurance companies will just charge you a lot more money for coverage like that. That is exactly what is going on with health insurance. We are used to corporate plans where plan covers everything and all we would pay for is a small co-pay of like $10. Now these same plans are bankrupting the large companies as they are getting huge rate increases. I recently heard that part of every GM car there is about $1500 worth of health insurance expenses, in every car.The point that I am making is that health insurance itself is actually really cheap, if you understand how it works. There fore what you should be really concerned with is large medical bills since they are the major cause of bankruptcies in the United States. One more thing, since October, 2005 you cannot file bankruptcy on medical bills.Number one thing you should be looking for in the health plan is a phrase “Maximum out of Pocket”, it could also be something like “Maximum Yearly out of Pocket”, and both mean exactly the same. What that means is that is the maximum you can be out of pocket in any given year. Usually that includes all the medical expenses; most plans do have exclusions for prescription drugs. With prescription drugs you are still going to be responsible for co-pay. That is the number one things you should look for.Second thing you should look for is your deductible. There are a lot of plans that I see that say they have no deductible. Be extremely careful and read exactly how those plans work. First of understand one thing. THERE IS NO SOMETHING FOR NOTHING. I get a lot of people tell me “Oh yeh I got thins great plans with no deductible and I am paying $50 a month.” Yeh Ok… Then I take a look at their plan and explain how it works to them. Let me repeat it again THERE IS NO SOMETHING FOR NOTHING. There is one thing to keep in mind then looking at big name insurance company. The cost of health insurance no matter where you look is pretty much the same. The only reason there are soooo many plans is because insurance companies trying to come up with all kinds of creative way to have you to apply for coverage with them. Here is how plans with no deductible work (there are exceptions). There is no deductible but there is whats called co-insurance. What that means is you will be responsible for a percentage of everything until you reach your Maximu…

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