Odunsi
Member
Health insurance will help you to manage the high costs of medical care. It can help you pay for doctor visits, hospital stays, drugs prescription and preventive care.
It is possible to choose from a range of health insurance plans that fit your spending budget and have various levels of coverage depending on your needs.
A health plan case study
Let’s assum you have a serious accident. Your medical bills is $50,000. Your medical insurance plan makes an enormous difference in the sum you will pay.
Small sample personal or employer health plan
Yearly deductible: $5,000
Coinsurance: 20%
Annual out-of-pocket maximum: $6,000
How it works
In this case study, you spend the first $5,000 in medical expenses (your deductible) before your plan will start paying.
After that, you are responsible for 20% of expenses till you get to the out-of-pocket-maximum. Basically, you only pay $2 of every $12 in covered costs till you reach the $6,000 out-of-pocket-maximum.
Your health plan subsequently pays the remaining of your in-network covered expenses for the year, regardless of how high they are.
What you will pay in this instance:
Total $50,000
You pay: $6,000 maximum
Your health plan pays: $44,000
It is possible to choose from a range of health insurance plans that fit your spending budget and have various levels of coverage depending on your needs.
A health plan case study
Let’s assum you have a serious accident. Your medical bills is $50,000. Your medical insurance plan makes an enormous difference in the sum you will pay.
Small sample personal or employer health plan
Yearly deductible: $5,000
Coinsurance: 20%
Annual out-of-pocket maximum: $6,000
How it works
In this case study, you spend the first $5,000 in medical expenses (your deductible) before your plan will start paying.
After that, you are responsible for 20% of expenses till you get to the out-of-pocket-maximum. Basically, you only pay $2 of every $12 in covered costs till you reach the $6,000 out-of-pocket-maximum.
Your health plan subsequently pays the remaining of your in-network covered expenses for the year, regardless of how high they are.
What you will pay in this instance:
Total $50,000
You pay: $6,000 maximum
Your health plan pays: $44,000