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Example of Health Insurance Plan
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[QUOTE="Odunsi, post: 188, member: 15"] Every person combined payments cover every person expenses for care. Spreading the bills among the group protects you when it is more expensive for your care compared to the amount you actually paid in premiums. Many plans also have you share within the costs up to a particular amount by means of a coinsurance, copayment, or deductible for services, but it is still a lot less than paying for health care by yourself. [B]Coinsurance:[/B] The expenses you and your health plan share. One example is, you pay 20% of the cost of a physician's visit or stay in the hospital, and your plan pays the other 80%. Some plans don’t have coinsurance. [B]Copay: [/B]A set price for a few health care (for instance, $25 per office visit). Some plans have no copay. [B]Covered costs: [/B]office visits, treatments, supplies, Medical tests, medications and some other health care products and services paid for from your health plan. Look at your health plan materials for information about what's covered by your plan. [B]Deductible: [/B]The sum you pay for medical expenses every year before your health plan starts to pay. [B]How Does Health Insurance Work?[/B] At times, you may require more care than some people in your plan; at times less. But the point is, you are covered. Now how do health insurance providers know the amout to charge for dues? [LIST] [*]First of all, they take a look at the amount they spent on care for that plan in past years. [*]They then calculate the cost of care everybody in the plan is likely to need in the the coming year based on: [*]The plan record. [*]Changes in the group (things such as age, health status, behavior, and more). [*]The fees they have agreed upon to pay medical doctors for services. [*]Administration fees to manage the health plan. [/LIST] This number, divided by the number of members in the plan, sets the yearly cost of membership. [/QUOTE]
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