Obamacare: elements that influence the insurance
Obamacare: key elements that influence the insurance plan. An important aspect to take into account, before choosing a medical plan under Obamacare, is to know what role the elements that appear in the medical bill play: deductible, coinsurance, out-of-pocket maximum, and copayment, in order to make the most of your benefits.
The out-of-pocket maximum is, as its name suggests, the maximum out-of-pocket that an insured will have as a deductible and coinsurance during a year, for receiving a medical service.
To understand how the different elements on the insurance bill interact, let’s imagine a contract whose out-of-pocket maximum is $ 5,000, the deductible is $ 3,000, and the coinsurance is 15%.
Let us suppose that an insured person attends a consultation with a specialist and he performs a small intervention, whose bill amounts to $ 5,000. Upon completion, he must pay a $ 3,000 deductible, which is always the first payment required, plus 15% of the rest of the bill as coinsurance (15% of $ 2,000 is $ 300). Then the insurer would assume the remaining $ 1,700.
After this consultation, the insured will have covered all the deductible indicated in the annual contract, and in the maximum out-of-pocket account he will have accumulated $ 3,300, the sum of the deductible and coinsurance paid.
Two months later, that same insured has to undergo another intervention with the same specialist, whose bill amounts to $ 7,000. Since he has already paid the annual deductible, to fulfill his contract, he must pay 15% of the bill as coinsurance, which is $ 1,050. The rest of the bill up to $ 7,000 is paid by the insurer. At that point in the year, he will have accumulated a $ 4,350 out-of-pocket maximum.
Suppose that this same insured, after suffering severe chest pain, has to go urgently to a hospital, where they perform several tests and send him home. The result is a bill of $ 20,000. As we have already established, he would only pay 15% of the bill, that is, about $ 3,000. But, in reality, he will fork out $ 750, the amount he needed to reach the $ 5,000 annual out-of-pocket maximum. Thereafter, all medical procedures and services that he receives during the year will be fully covered by the insurer.
The copayment is the last item on the bill that was left to be analyzed. This is the fixed amount that is paid to receive a certain medical service, for example, $ 10 for visiting a primary doctor, $ 20 for visiting a specialist, or $ 30 for an urgent service. It is an amount predetermined by the plan provider, which is paid regardless of how many times the service in question is used and has nothing to do with the out-of-pocket maximum. In this case, each time you visit your primary doctor he will pay a $ 10 copay. Obamacare: key elements that influence the insurance plan.
The enrollment period for insurance plans under Obamacare will be available until December 15. If you want to change or choose a new plan or have any questions about Obamacare, contact the specialists at Univista Insurance.