What is the coverage chartertistics for health insurance?
Health insurance is literally "insurance against charges incurred due to health related services being rendered" what that means for the typical person is that you pay a little bit every month so that in the case that you do need health services for yourself or loved ones you have help paying those costs. If you are employed and opt for health insurance coverage then you will pay a premium (a flat rate taken out of your paycheck according to level of coverage you want and how many people it will be covering). Most employers have one insurance company with different plan choices (United Healthcare, Aetna, Cigna, BCBS, etc). Just because you have health insurance coverage does not mean that you will not have any responsibility for charges incurred. Insurnace companys use "cost-sharing" methods to save themselves money. The three types of cost sharing - copay, deductible, and coinsurance. Copay is a flat dollar amount that you pay for specific services (10 $ office visit 20 $ specialist 150 $ surgery). Deductible is a minimum amount you must pay before your insurnace company will pay anything. Coinsurance the insurance company pays a portion, usually 80-100% of the total charges and the balance left is the patients resp. How good a insurance coverage is usually depends on lower deductible and copays and how much the total out-of-pocket ends up being for the patient.