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Health Insurance

What is Health Insurance?

  • To pay a portion of medical expenses
  • The average cost of a three-day hospital stay is nearly $30,000
  • Over half of bankruptcies are related to medical expenses
  • For instance, if you need to visit a doctor, have surgery, purchase prescription drugs or get medical tests (like x-rays), health insurance will pay a portion of the expenses incurred. The portion of expenses paid varies by policy
  • Vaccines, check-ups, routine physical exams-each is important to maintaining health. But those without health insurance are less likely to receive potentially life-saving preventive care

What Does Health Insurance Cover?

A standard health insurance policy covers:

  • Visits to primary care doctors and specialists
  • Emergency services, including visits to the emergency room
  • Medical check-ups, including blood tests, pap smears, etc
  • Medically necessary procedures (surgery, MRIs, CAT Scans)
  • Prescription drugs
  • Health insurance won't cover 100 percent of medical costs, though. Patients are responsible for small fees-o-payments-when visiting medical providers or purchasing prescription drugs

Health Insurance Covers Prescription Drugs:

  • Without health insurance, you probably can't afford prescription drugs. It's not uncommon for a prescription drug to cost hundreds out-of-pocket. In fact, the average cost for a prescription drug is now $71, according to the Kaiser Family Foundation
  • With health insurance, a small co-payment is usually all that's necessary to purchase a prescription drug

Choosing the Best Health Insurance Plan:

When choosing the health insurance plan that best fits your needs, consider these tips:

  • Find out what is covered. Is your family doctor covered, or specialists like chiropractors?
  • Conversely, learn what isn't covered. For instance, some health insurance policies won't cover acupuncture of treatment for mood disorders
  • Make sure your health insurance plan covers the prescription drugs you need
  • As medical costs continue to soar, health insurance is more important than ever
  • PHP will help you to find out your best plan

Choose between HMO and PPO

HMOs are generally cheaper, but PPOs offer greater flexibility