Due to the heavy reliance on health care technology, primary health care services in the United States are known to be one of the highest-priced in the world. There is no telling how much hundreds or even thousands of dollars one will spend just to see a doctor or to get themselves treated. A 2020 Organisation for Economic Co-operation and Development (OECD) research proves that the United States’ healthcare per-capita spending was the highest amongst the group’s members. The truth is, without financial assistance, the average American citizen would not be able to afford the high standard medical services that exist in the U.S. Health insurance can and has always been a bridge between citizens of the United States and good medical care.
Just like every other form of Insurance company, health insurers aim to take financial health risk burdens away from their clients for an agreed amount of Premium when the unforeseen happens. In 2010, Former US President, Barrack Obama and his government buttressed the importance of health insurance when he signed the Affordable Care Act into law and made it mandatory for every US citizen to have healthcare insurance coverage with a penalty fee slapped on those who failed to comply. Although the law was overturned by the Trump administration, Americans are still encouraged to get health insurance with the provision of cheap insurance policies.
If you have paid for any form of insurance policy in the past then understanding the way Health insurance works in the US shouldn’t be difficult. Their mode of operation is similar to car insurance and other forms of insurance. A lot of clients pay Premium fees to the insurers for them to get financial support in return when they need medical care. Due to the fact that not everybody falls sick or sustains an injury at the same time, insurance companies can pull together enough funds from the large contribution of Premium they gather from their customers to support the few insured clients that need health care at a certain time.
While pondering on what kind of health insurance policy to pay for there are a few factors you will have to consider.
BEFORE YOU GET AN HEALTH INSURANCE POLICY CONSIDER THESE FACTORS
- Health providers listed on the health insurance plan?
- The cost of the insurance policy, as affected by: premium, deductibles, coinsurance and copays.
- Does the plan cover all you really need?
HEALTH PROVIDERS LISTED ON THE HEALTH INSURANCE PLAN?
Health insurance companies are in the business to make money so they can pay staff and pay for other variables, so they reduce the cost of providing medical care to their clients by partnering with a limited amount of health care providers who have competitive prices. For example, if you are to get medical care from a particular doctor or a pharmacy that is not one of the health care providers your insurance company is in partnership with, you will have to pay for every service you get from them on your own.
THE COST OF THE INSURANCE POLICY, AS AFFECTED BY: PREMIUM, DEDUCTIBLES, CO-INSURANCE AND COPAYS
The cost of health insurance plans is largely determined by these 4 factors.
- Premium is the monthly fee you pay to be insured. You keep paying this money irrespective of whether you need health care or not throughout the duration of your payment.
- A deductible is a yearly amount paid to the insurance company for your health insurance plan to work. Failure to pay this fee means that when you need medical care your health insurance company won’t foot the bills for you.
- Co-insurance is a fee you pay for treatments. After being diagnosed by your doctor, if there is any further need for you to be admitted to the hospital for treatment this is the fee you pay for your health insurance company to cover your bills.
- Co-Pay is the fee you pay to your insurer when you want them to cover your consultation hospital visits and drug prescriptions.
The lower your premium fee the higher your deductible, co-insurance and co-payment fee will be. For people who are not at risk of visiting the hospital on a regular basis, it is advisable to invest less in co-insurance and deductibles. People with a high risk of landing in the hospital every now and then will be safer if they do the opposite. Examples of these people are people living with cancer or other chronic diseases.
However, with the ever-rising cost of healthcare in the United States, people prefer to pay higher deductibles to keep their increasing Premiums low.
DOES THE HEALTH INSURANCE PLAN COVER ALL YOU REALLY NEED?
Thanks to the Affordable Care Act, insurance plans now cover a whole lot more. Every insurance plan must cover the following:
- Emergency services
- Maternity and Newborn services
- Laboratory services
- Mental Health and drug abuse services
- Vaccinations and control of chronic diseases
- Drugs
- Paediatric services
- Outpatient services
- Hospitalization services
When all these factors are put into consideration then you can genuinely pick the best health care plan for you and if necessary, your family.
UNIVERSAL HEALTH CARE: ANOTHER FORM OF HEALTH INSURANCE
Universal Health Care is a process where the government pays for the health care services of its citizens. Aside from the regular insurance companies the United States government has tried in the past to also provide health care insurance to its citizens. Initiatives like Obamacare and Hillarycare were all aimed at practising Universal Health Care but other factors, like Politics wouldn’t let this happen.
The United States government has tried its best to provide health care to some specific members of the country through Medicare and Medicaid.
Medicare
This is a U.S. federal government health insurance service for the elderly (people above 60), people with disabilities (young and old), and people with permanent kidney failure.
Medicaid
Medicaid is like Medicare but it provides insurance for people who earn a low income. This kind of government health insurance unlike Medicare covers people of all ages.
OTHER THINGS YOU NEED TO KNOW ABOUT HEALTH CARE INSURANCE IN THE UNITED STATES
Out of pocket expenses
This is a part payment you make for receiving healthcare. The health insurance company shares the medical care expenses with the client. Note that this is different from your monthly Premium.
Annual out of pocket maximum
This is the combination of a client’s Deductibles, Co-payments, and Co-insurance. If a client is able to complete this payment the insurance company takes a hundred per cent responsibility for the client’s healthcare payment for the rest of the year through which the plan runs
SIngle-Payer health care
In this type of system, the government pays the bills of private-sector health care service providers who provide medical care to US citizens. The doctors are usually not employed by the government but are paid only when they provide services.
In conclusion, health care services in the United States are more effective and also more expensive than most countries in the world but if one puts all the above factors into consideration you will be able to get an affordable health insurance plan to get you the medical care you need.
Due to the heavy reliance on health care technology, primary health care services in the United States are known to be one of the highest-priced in the world. There is no telling how much hundreds or even thousands of dollars one will spend just to see a doctor or to get themselves treated. A 2020 Organisation for Economic Co-operation and Development (OECD) research proves that the United States’ healthcare per-capita spending was the highest amongst the group’s members. The truth is, without financial assistance, the average American citizen would not be able to afford the high standard medical services that exist in the U.S. Health insurance can and has always been a bridge between citizens of the United States and good medical care.
Just like every other form of Insurance company, health insurers aim to take financial health risk burdens away from their clients for an agreed amount of Premium when the unforeseen happens. In 2010, Former US President, Barrack Obama and his government buttressed the importance of health insurance when he signed the Affordable Care Act into law and made it mandatory for every US citizen to have healthcare insurance coverage with a penalty fee slapped on those who failed to comply. Although the law was overturned by the Trump administration, Americans are still encouraged to get health insurance with the provision of cheap insurance policies.
If you have paid for any form of insurance policy in the past then understanding the way Health insurance works in the US shouldn’t be difficult. Their mode of operation is similar to car insurance and other forms of insurance. A lot of clients pay Premium fees to the insurers for them to get financial support in return when they need medical care. Due to the fact that not everybody falls sick or sustains an injury at the same time, insurance companies can pull together enough funds from the large contribution of Premium they gather from their customers to support the few insured clients that need health care at a certain time.
While pondering on what kind of health insurance policy to pay for there are a few factors you will have to consider.
BEFORE YOU GET AN HEALTH INSURANCE POLICY CONSIDER THESE FACTORS
HEALTH PROVIDERS LISTED ON THE HEALTH INSURANCE PLAN?
Health insurance companies are in the business to make money so they can pay staff and pay for other variables, so they reduce the cost of providing medical care to their clients by partnering with a limited amount of health care providers who have competitive prices. For example, if you are to get medical care from a particular doctor or a pharmacy that is not one of the health care providers your insurance company is in partnership with, you will have to pay for every service you get from them on your own.
THE COST OF THE INSURANCE POLICY, AS AFFECTED BY: PREMIUM, DEDUCTIBLES, CO-INSURANCE AND COPAYS
The cost of health insurance plans is largely determined by these 4 factors.
The lower your premium fee the higher your deductible, co-insurance and co-payment fee will be. For people who are not at risk of visiting the hospital on a regular basis, it is advisable to invest less in co-insurance and deductibles. People with a high risk of landing in the hospital every now and then will be safer if they do the opposite. Examples of these people are people living with cancer or other chronic diseases.
However, with the ever-rising cost of healthcare in the United States, people prefer to pay higher deductibles to keep their increasing Premiums low.
DOES THE HEALTH INSURANCE PLAN COVER ALL YOU REALLY NEED?
Thanks to the Affordable Care Act, insurance plans now cover a whole lot more. Every insurance plan must cover the following:
When all these factors are put into consideration then you can genuinely pick the best health care plan for you and if necessary, your family.
UNIVERSAL HEALTH CARE: ANOTHER FORM OF HEALTH INSURANCE
Universal Health Care is a process where the government pays for the health care services of its citizens. Aside from the regular insurance companies the United States government has tried in the past to also provide health care insurance to its citizens. Initiatives like Obamacare and Hillarycare were all aimed at practising Universal Health Care but other factors, like Politics wouldn’t let this happen.
The United States government has tried its best to provide health care to some specific members of the country through Medicare and Medicaid.
Medicare
This is a U.S. federal government health insurance service for the elderly (people above 60), people with disabilities (young and old), and people with permanent kidney failure.
Medicaid
Medicaid is like Medicare but it provides insurance for people who earn a low income. This kind of government health insurance unlike Medicare covers people of all ages.
OTHER THINGS YOU NEED TO KNOW ABOUT HEALTH CARE INSURANCE IN THE UNITED STATES
Out of pocket expenses
This is a part payment you make for receiving healthcare. The health insurance company shares the medical care expenses with the client. Note that this is different from your monthly Premium.
Annual out of pocket maximum
This is the combination of a client’s Deductibles, Co-payments, and Co-insurance. If a client is able to complete this payment the insurance company takes a hundred per cent responsibility for the client’s healthcare payment for the rest of the year through which the plan runs
SIngle-Payer health care
In this type of system, the government pays the bills of private-sector health care service providers who provide medical care to US citizens. The doctors are usually not employed by the government but are paid only when they provide services.
In conclusion, health care services in the United States are more effective and also more expensive than most countries in the world but if one puts all the above factors into consideration you will be able to get an affordable health insurance plan to get you the medical care you need.
MEDICAID: What You Need To Know
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