Health insurance covers medical expenses for illnesses, injuries and medical conditions for you and your family. Individual health insurance is something you select and pay for on your own.
Are you confused about what kind of coverage you need, when you can apply for it or how much it costs? I can help!
With thousands of plans available from top companies and the personal service you get at Roman Insurance Services, finding the right coverage has never been easier!
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MORE ABOUT HEALTH INSURANCE
What is health insurance for and why do you need it?
• Medical expenses can be high—they’re the number one cause of bankruptcy
• Because accidents or health problems can happen at any time
• To gain access to a network of doctors and hospitals that have negotiated lower rates with insurance companies
•. To pay and keep track of medical payments quickly and easily
•. To safeguard your way of life and your family’s physical and financial well being
Understanding Health Insurance Terms
We know health insurance has its own language with different terms, like “deductibles,” “coinsurance” and “copayments.” Once you get a good grasp on some of these basic terms, you’ll see how simple health insurance can be. Let’s start by defining these terms:
Deductible – A fixed amount you have to pay toward your medical bills every year before your insurance company starts paying. It varies by plan and some plans have no deductible.
Premium – This is the amount you pay your health insurance company to keep your coverage active. Most people pay their premium monthly.
Coinsurance – This is the percentage of your medical bill you share with your insurance company after you’ve paid your deductible. Unless you have a policy with 100 percent coverage for everything, you will have to pay a coinsurance amount. For example, if you have a $100 doctor’s bill and your plan covers 80 percent of it, your coinsurance amount due to the doctor’s office is 20 percent, or $20.
Co-payment (or “Co-pay”) – The flat fee you pay every time you go to the doctor or fill a prescription. It’s usually a relatively small dollar amount. Copays do not count toward your deductible.
Supplemental Coverage – Will help offset the cost of a major diagnosis or hospitalization, but should not replace your Minimum Essential Coverage. It also provides for vision and dental coverage. Preventative care begins right away, X-rays and cleanings without a waiting period. Any minor or major work can expect a six month minimum waiting period before benefits kick in.
Employers often offer supplemental coverage in addition to major medical. You can have access to benefits on an individual level to protect yourself and your family with the same type of personal coverage. You can purchase supplemental coverage a la cart and choose what works best for you.
Hospitalwise Coverage – Pays you for each day that you are in the hospital. Benefits help with bills, offset deductibles, aide with household costs or transportation. These benefits are paid to you directly so you can use the money however you need to.