New 2012 Test Shows when People Pay Too Much for Florida Health Insurance

Health insurance could be putting policyholders at risk for overwhelming out-of-pocket costs without them even knowing it. eFLHealthinsurance has three questions to determine whether they need a different plan.
 
Jan. 17, 2012 - PRLog -- Many people think they are paying high premiums for health insurance, but eFLHealthinsurance has three questions that Floridians can answer to see whether they really are getting a good deal or they need to shop for new coverage.  For those who want to know the complete cost of their health plan, eFLHealthinsurance explains what types of coverage tend to have low rates and what the possible hidden costs could be with such plans.  To evaluate what Florida health insurance actually costs, policyholders need to consider a lot more than their monthly premiums, such as:

1.   Was health care needed last year that insurance did not cover?

Many people focus on premiums and don’t recognize how high their out-of-pocket costs have been.  A common major expense may result from having to meet a plan’s deductible before coverage begins.  Even the annual individual and family deductibles may not tell the whole story.  

Different policies handle deductibles in various ways.  For instance, a plan may have an embedded deductible.  That consists of two components: an individual deductible and a family deductible.  This arrangement allows each family member to have medical bills paid before the larger family deductible has been met, but plans may have rules that do the opposite.  A family of four might be required to spend $5,000 times four before coverage starts, while the policyholder is expecting a total deductible of just $5,000.

2.   What is the most that health care could cost over the course of a year?

To determine the potential annual out-of-pocket costs read the policy definitions.  A policy may exclude things like the individual/family deductible, co-payments and pharmacy charges from the stated annual out-of-pocket maximum.  In that case, those excluded costs have to be added to the maximum to determine possible total out-of-pocket costs.

3.   Do limits apply to services that are likely to be needed?

Co-insurance refers to the percentage of the medical expenses a policyholder must pay before the insurance company pays at the 100-percent level.  For instance, a plan may pay 80 percent of the first $10,000 and then increase coverage to the 100-percent level after that.

Even though a policy specifies 80-percent co-insurance, coverage may not begin until the policyholder has paid for enough eligible health care to meet the plan’s deductible.  Other limits may also apply.  A policy could have 80-percent co-insurance for mental health and substance abuse visits, but that coverage could be limited to a maximum of 20 sessions per calendar year.

Many people fail to consider the financial risk of trading limited benefits for low premiums, and only see the actual cost of their plan after an accident or illness strikes.  The real cost of health insurance is measured by what the policyholder spends while using the coverage.  By considering past out-of-pocket costs, limits on specific types of health care and worst-case scenarios, Floridians can compare the overall cost of their plan to other options.  Wiley Long, president of eFLHealthinsurance says, “Compare many policies, or use an agent who represents many companies, as we do.  Understanding your health insurance takes some effort, but it can help you decide whether you can afford to keep the policy you have before it lands you in debt.”

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About eFLHealthinsurance:

eFLHealthinsurance has become a leader in providing educational resources that enable Florida families, individuals and small businesses to keep their health care costs low. Online information explaining how to find coverage to fit individual needs is available at http://www.eFLHealthinsurance.com/how-to-guide.htm and http://www.eFLHealthinsurance.com/health-savings-accounts....

Florida residents seeking health insurance options in the individual market may use eFLHealthinsurance’s online resources or schedule consultations with professionals to compare coverage options to personal health care needs by calling 1-866-585-7661 between 9 AM and 11 PM Eastern.

eFLHealthinsurance also provides extensive resources that can lower health care costs that are not covered by insurance at http://www.eFLHealthinsurance.com/additional-benefits.htm.
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