Cheap Health Insurance Plan - A Simple Way To Save Money
Below is a MRR and PLR article in category Finance -> subcategory Insurance.
Affordable Health Insurance: A Smart Way to Save Money
Overview
Can affordable health insurance really exist in today's market, with skyrocketing hospital and physician costs? Understanding how insurance companies manage medical risk can help you find ways to save. Insurers issue policies to accepted applicants, providing a declaration of benefits and features.
Key Benefits and Features
Understanding what benefits your policy offers and how they work can clarify your premium costs. After a hospital stay, your benefit statement will outline the deductible application and coinsurance details.
Claims Analysis Example
1. Hospital Costs: A 4-day hospital stay, including physician services, costs $4,000.
2. Policy Details: $500 deductible with 80/20 coinsurance and a $2,000 maximum out-of-pocket expense.
3. Your Payment: You pay the first $500, leaving a $3,500 balance.
4. Coinsurance: You pay 20% of $3,500 ($700), while the insurer covers $2,800.
Once your out-of-pocket expenses reach $2,000, the insurer covers 100% up to the policy limit.
Trends in Health Insurance
Many people are opting for plans with higher deductibles to reduce premiums, even as high as $5,000. This is essentially self-insuring for the deductible amount.
Health Savings Accounts (HSAs) are gaining popularity as tax-deductible medical IRAs. Consult your tax advisor for more information.
For insurance quotes, see our recommended source. We've done the research, so you don't have to.
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