Having a health insurance policy is quickly becoming one of the most important financial decisions of an individual's life. Next to purchasing a home or an automobile, the quality and coverage that a health insurance plan offers can determine your financial security and overall quality of life.
Given the importance of quality health insurance, it is incredibly important to understand what your insurance company will pay for at the most important time in your if and when something tragic happens to you and a family member. All health insurance companies are required by law to provide a complete explanation of benefits and explain what medical services are covered so plan members know what will and will not be paid for by the insurance provider.
Up until recently a number of health insurance policies had lifetime maximum limits which usually consisted of between two and five million dollars. Under the Affordable Care Act that Congress recently passed, all insurance policies created after 2010 are no longer able to cap the maximum lifetime limit. However, insurance companies looking to recoup medical expenses are restructuring their plans to absorb these additional costs.
For many years health insurance companies offered both HMO and PPO health insurance. As medical costs have increased dramatically in recent memory more insurance companies are shifting to high deductible plans forcing patients to pay for more up front out of pocket costs. As a result it is becoming more important to read all the details of your medical coverage to understand what you may have to pay for should a medical emergency affect you are a family member.
A key consideration for health insurance coverage is understanding when an insurance company can stop providing coverage and cancel an existing insurance policy. A patient's medical expenses can be cost prohibitive for insurance companies should they suffer a heart attack, cancer, or have other long-term expensive medical procedures. By conducting research at the time it should possible to select the health care plan that will not discontinue coverage should one of these tragic events occur.
If you are going to get health insurance, call your insurance companies member services line as often as necessary regarding any possible questions in coverage you may have. It is easier to change policies prior to a serious medical event than after because getting health insurance through new insurance company could be very difficult if not impossible due to any preexisting medical condition you may have.