I think it is safe to say that you do not really understand how expensive health care can be and what an insurance policy covers until you experience a medical event. Up till then, you’ve just seen the written policy, which has to summarize services for a wide variety of health issues and often uses language that is hard to understand. The result is a book called “Evidence of Coverage.” Not something you find on the bestseller list of reading material.
Knowing that a “book” is not what consumers want to read, insurance marketers will often highlight internet access and wellness coaching, rather than details about out of pocket costs.
Here is an example: Jamie breaks an arm. With a higher-premium policy that pays a larger share of the cost of care, Jamie’s total out of pocket cost would be $4,000. If Jamie had selected a policy based only on premium costs and selected the plan with the lowest premiums, Jamie’s total out of pocket expense for the broken arm would be $6,000, due to a higher deductible and higher co-pays for covered services.
Steps to picking a plan go beyond comparing premiums. You can learn how in a workshop, “Smart Choice: Health Insurance ™ Basics.” This free workshop is offered online on November 6th, 7:00-8:00 pm. Register by November 4th at http://bit.ly/schi14326 .
Getting the most out of your coverage and learning more about navigating the claims process is part of Smart Use: Health Insurance™ Actions. It will be taught online on November 13. To receive log-in information, register for this program by November 11th at http://bity.ly/schi14328.
Smart Choice: Health Insurance™ was developed by a team of experts from across the nation led by University of Maryland Extension.