Why should I have Health Insurance Coverage in El Paso?

Expenses, Quality of Treatment, Peace of Mind

Nobody can foretell at what time they might fall prey to some sort of sickness or disease, thus it is necessary to be prepared financially to take care of medical needs. Health Insurance effectively covers these expenses and reliefs you from some Stress and Financial losses.

Health Insurance Coverage is an agreement signed between the customer and the Insurance Company. Once the plan is bought by you, the company makes a commitment to pay a portion of your Medical Bills when you fall Sick or Injure yourself.

Health Insurance also provides other excellent benefits, and the plans include Free Preventive Care like vaccines, medical check-ups and screenings to prevent diseases (A new requirement of Obamacare and Health Care Reform Law). Insurance Companies also pay totally or a percentage of your Prescribed Medicine.

Health Insurance saves you from incurring unexpected High Expenditures

Unfortunately is very expensive to take care of your own Medical Bills. Surprisingly a three day Hospital stay has an average expense of $30,000 dlls. More astonishingly, treating a leg fracture can come up to $7,500. Thus procuring health coverage is greatly beneficial and can provide assistance to you in times when unexpected medical expenditures have to be incurred.

How Health Insurance Protects you Financially

Your insurance plan protects you from incurring high medical expenditure in two ways:

  • Out-of-pocket Maximum is the sum of money you have to pay if you fall sick. Example: if $3000 is your Out-of-pocket maximum, once you have made this payment in deductibles, coinsurance, and copayments then for the rest of the year your plan will cover the remaining cost.
  • Under Obamacare or Health Care Reform, your Insurance Company cannot put a fixed dollar limit on the payments they will make for you every year or during your lifetime. After the said amount is made for your Out-of-pocket Maximum, the company then pays for all your costs.
  • Sadly people with no Health Insurance Coverage have to face these costs, putting them in great debt. According to U.S. Representative for Texas,Silvestre Reyes, One out of Three El Pasoans does not have Health Coverage (El Paso Times). That is around 230,000 people in El Paso Texas living without Health Insurance Coverage.

    Health Insurance Vocabulary you Must Know

  • Premium- a fixed sum of money has to be deposited by you to your insurance plan. This is called a premium. It is usually deposited once every month. It is necessary to pay this amount even if you don't use any medical care in that month.
  • Deductible- this is an amount which you have to initially pay for you medical care, before the company starts to make any payments for your care. There are plans which have lower deductibles coming up to $500 or even a ZERO dollar deductible (Beware of very low or non existent deductibles, Monthly Premium payments will be very high). Others can have higher deductibles coming up to $4,000. Many of the plans entitle you with free medical services and care before you have met your deductible.
  • Copayment- while receiving medical care a copayment is a fixed sum of money which you pay after you have provided your deductible. A simple example will help in better understanding- if you visit the doctor for a checkup and it costs $150, you have to pay only $25 (Copay), the rest will be covered by your plan.
  • Coinsurance- it is same as copayment, a percentage of the cost is covered by you. For example: on a medical bill of $100, 20% of the payment is to be made by you, while your plan covers the other 80%. Verify your Health's Plan formula, 20% - 80%, in this case you pay 20% and your Insurance Company 80% of the cost, but the formula can vary depending on your plan.