TI - Healthcare Insurance Lesson

Healthcare Insurance

Health insurance provides coverage for medication, doctor and emergency room visits, hospital stays, medical equipment, and other medical expenses. Policies vary widely, and there are limits on coverage depending on the type of policy. In addition to coverage limits, most policies require the insured to meet a deductible or to make reduced payments for services. At one time or another, all of us need medical care, and it can be very expensive. A typical office visit to a doctor can cost anywhere from $80 to $220. If you have health insurance, then some of the cost of the visit and any medications or additional treatments you may require as a result of that visit will probably be covered, at least in part, by the health insurance provider. The benefits are described in the policy and can vary widely.

Many people obtain health insurance through their employers as a benefit. In most cases, the employer pays some or all of the insurance premium, and the employee pays for the remaining costs associated with purchasing the health insurance plan. Individuals can also purchase health insurance, but this is usually at a much higher rate. For this reason, many people select insurance that covers only catastrophic events, not the everyday illnesses and injuries that typically send people to a doctor.

As you have learned, even with health insurance, medical expenses can add up quickly through the accumulation of co-pays, deductibles, co-insurance, and premiums. Review the presentation below to get a clearer understanding of health insurance terminology.

Health Insurance Interactive

 

Managed Health Plans Interactive

Review the presentation below that describes the most common Managed Health Care plans.

 

Affordable Care Act - Obamacare

This Act was passed by Congress and signed into law in 2010. It reduces the costs of managed health care plans for millions of families by limiting out-of-pocket expenses and requiring preventive care to be fully covered by the insurance company. This means if you go to the doctor to get a physical to check your health, it will cost you nothing. It also requires those without insurance to choose a policy that will be affordable for them.

IMAGE SOURCE:  CLIPART-LIBRARY.COM