3 Things Everyone Should Know About Health Insurance
Health insurance is confusing, especially if you have never had it before or have never signed up for it on your own. Before signing up for insurance, it is important to learn as much as you can so that you get the best policy for your needs. Remember, knowledge is power! To help make the process a little bit less intimidating, three facts everyone should know about health insurance are listed below.
1. A Preexisting Condition No Longer Disqualifies You
Prior to the implementation of the Affordable Care Act (ACA) in 2014, people with preexisting conditions could be denied health care coverage. Now, being obese, having asthma, ADHD, diabetes, and other health conditions does not put you at risk for not having coverage. It is important to know that you cannot be discriminated against. When you apply for medical insurance, make sure that you are getting the fair, equal treatment you deserve from your insurance provider.
2. Know the Difference between a Copayment and Coinsurance
If you have never had insurance before, these may be brand new terms to you. However, it is crucial that you understand the difference. A copayment, or copay, is a set dollar amount that you will pay every time you visit a doctor, pay for a prescription, go to the hospital, etc. Coinsurance, on the other hand, is a percentage of the total cost that you will pay with each appointment, visit or pickup.
3. Know What a Deductible is, and if You Have One
A deductible is a certain amount of money that you have to pay before your insurance will start to cover the costs of your treatment, prescriptions, etc. Many people do not know that they have a deductible and are unpleasantly surprised when they receive large bills before that deductible is met. Save yourself from the shock of that first bill and be prepared to cover the costs of your treatment at the beginning of the year.
4. Know that Insurance Changes at the Beginning of the Year
Many people get frustrated in January when they go to pay for a prescription or receive a bill from their doctor and learn that the amount of money they have been paying is no longer what it once was. It is not fun for anybody (you, your insurance, or the people providing your care or prescriptions) when your insurance policy changes and you are not prepared for it; stay on top of things.
Signing up for insurance can be intimidating, but with the tips and facts listed above, the process of signing up for and handling your insurance can be a lot easier. Contact a business, such as Quesenberry Agency For Blue Cross-Blue Shield, for more information about insurance.