Health insurance
Some insights in dealing with the intricate health insurance plan.
Select Paper (Cash) or Plastic (Insurance I.D. Card)?
When you pay for medical services (doctor office visit or medical lab tests), select the Plastic. Why?
1. You enjoy the oligopolistic bargaining power of your health insurance company. Your health insurance company, using their enormous bargaining power, pressures the provider to accept a "bare price" for the service.
2. It adds up. What you paid for the co-payment easily adds up to fulfill the deductible requirement.
3. Your insurance company will make sure that you're not being over charged.
4. The providers may still invoice you after you paid them cash up front.
Basic Hospital or Basic PPO Plan
Read the fine print before buying this type of limited benefits coverage health plan. You may end up paying all the doctor visits and lab test charges before your benefits trigger in. Ask for a detail explanation of the benefits and decide whether it is the right plan for you.
Stay within the network.
1. You know how much you have to pay.
2. Avoid future payment dispute.
Pre-approval
Request the providers to get the pre-approval from your insurance company. You may need it for most services. It is a simple process for the provider. They can get the pre-approval within 1 or 2 business working days. Without the pre-approval, Insurance Company can reject your payment claim or insist you to pay a lion's share of it.
PPO or HMO, which one is right for you?
It depends on your personality.
If you like to choose your own treatment, PPO is right for you. But if you prefer others to organize the treatment process, HMO is your plan. Of course, you also need to consider the cost, benefits and availability of the plans.
Select Paper (Cash) or Plastic (Insurance I.D. Card)?
When you pay for medical services (doctor office visit or medical lab tests), select the Plastic. Why?
1. You enjoy the oligopolistic bargaining power of your health insurance company. Your health insurance company, using their enormous bargaining power, pressures the provider to accept a "bare price" for the service.
2. It adds up. What you paid for the co-payment easily adds up to fulfill the deductible requirement.
3. Your insurance company will make sure that you're not being over charged.
4. The providers may still invoice you after you paid them cash up front.
Basic Hospital or Basic PPO Plan
Read the fine print before buying this type of limited benefits coverage health plan. You may end up paying all the doctor visits and lab test charges before your benefits trigger in. Ask for a detail explanation of the benefits and decide whether it is the right plan for you.
Stay within the network.
1. You know how much you have to pay.
2. Avoid future payment dispute.
Pre-approval
Request the providers to get the pre-approval from your insurance company. You may need it for most services. It is a simple process for the provider. They can get the pre-approval within 1 or 2 business working days. Without the pre-approval, Insurance Company can reject your payment claim or insist you to pay a lion's share of it.
PPO or HMO, which one is right for you?
It depends on your personality.
If you like to choose your own treatment, PPO is right for you. But if you prefer others to organize the treatment process, HMO is your plan. Of course, you also need to consider the cost, benefits and availability of the plans.