5 things you should know about health insurance

Category: Medical expenses

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People often have a lot of different questions when it comes to health insurance. The following are five things that everyone should know when it comes to health insurance.

1. There are various types of private health insurance policies. Different types of policies can provide very different kinds of benefits, and some can restrict which hospitals, physicians, or other providers you can use.

2. You may need to pay a copayment or coinsurance as your share of an expense when you get a medical service, such as a hospital outpatient visit, physician visit, or prescription. Coinsurance is normally a percentage amount (for instance, 20 percent of the total cost), whereas a copayment is typically a set dollar amount (for example, you might pay $30 for a doctor office visit).

3. You may need to pay a deductible every plan year before your insurance begins to pay. For instance, let’s say your deductible is $300. You go to the doctor and the total cost for the office visit is $350. You pay the first $300 to cover the deductible, and then your insurance pays the rest and begins to pay its share.

4. You may find products that sound and look like a health insurance policy, but don’t offer the same protection as full health insurance plans. Some examples are plans that only cover specific conditions, plans that only protect you if you’re injured in an accident, or policies that provide discounts on healthcare services. Don’t confuse insurance-like products for complete insurance protection. Full health insurance normally covers most medical issues.

5. Health insurance plans contract with networks of physicians, pharmacies, hospitals, and health care providers to take care of those in the plan. Depending on the type of plan you purchase, your policy may only pay for your health care when you receive it from a provider in the plan’s network, or you may have to pay a larger portion of the bill.

At Peachtree Financial Solutions, we understand that medical costs can be expensive, especially without health insurance. When there is an accident or injury that requires hospitalization, rehabilitation, surgeries and extensive care, it can be physically, emotionally, and financially draining. If you are receiving annuity payments from the injury or accident that resulted in your personal injury lawsuit to begin with, they may be helping with your medical costs, but sometimes just aren’t quite enough. If you’d like to access the money that is rightfully yours, we can provide with you with a lump sum in exchange for your annuity payments. Peachtree Financial Solutions can purchase the rights to your future payments in exchange for a one-time lump sum payment. To learn more about receiving a lump sum for your annuity payments from Peachtree Financial Solutions, contact us today.

Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.

Tags: Health Insurance

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