Cost and Coverage, what do you pay for?

When it comes to health insurance, not all plans are created equal. In today’s world, price/cost rules above all. But what are you paying for and what do you get in return?

Health insurance comes down to two simple things, cost and math. Yes, math. I am going to bring you back to middle school and memories of learning how to do simple math problems. When it comes to insurance, it is what do I have to pay monthly and what do I have to pay if something major happens.

When it comes to the private market, and more specifically, the plans that we deal with at KCE Health Advisors, cost is often a deciding factor. I am going to break down the costs in two separate categories, Health and Wellness and Accident.

When it comes to Health and Wellness, it is different from your typical plan. There are no co-pays, there is no cost up-front when you go to the doctor or clinic. Once you have services provide to you, the bill is sent directly to the insurance company. If there is a remainder, you will be billed the difference. These are UP-FRONT benefits, which do not go towards your deductible. In the long run, you will pay less for standard services, rather than trying to meet a deductible every year.

When is comes to any accident, ranging from a fall at the park or a major car accident on your way to work, private plans cover it all. Simply by being on the plan and having “accident protection,” you are going to pay a $250 dollar deductible and the insurance company is going to cover the rest. This is the benefit of the private market, coverage when you need it the most.

Many plans do not have this feature and you will be scrapping money to try to meet your deductible before the insurance will even kick it. Now you tell me what the point is in having insurance, if you have to pay thousands before you see a dime from the insurance company?

If you want to learn more about accident protector, reach out and we can explain it in more detail. Insurance is about cost and coverage, do you know what you are paying right now?