1 Chase Smith Health Insurance

2 Health Insurance Facts 85 of 100 Americans are currently covered by a government based health insurance or private health insurance company. Health Insurance= a contract between you and your insurance company. They promise to pay your medical expenses (as needed) in exchange for a monthly payment by you or your employer.

3 Definitions Co-pay: the amount of money you pay out of pocket for doctor’s visits and prescriptions. Premium: the amount of money in exchange for which an insurance company agrees to pay for health services as specified in the insurance policy. Deductible: the amount of money a insurance policy holder is responsible for paying for medical bills. Employee Contribution: the amount of money deducted from your paycheck to cover a % of the cost for your medical insurance.

4 Insurance Plans HMO- Health Maintenance Organization: reducing medical costs by using prevention and regular doctor’s visits to minimize the risk of becoming sick. Most common type of plan. Members can visit a doctor as many times as needed each month with no extra costs other than the co-pay. Members must use doctors within the HMO network! PPO- Preferred Provider Plan: provides members with more flexibility. Members can use doctors outside of the PPO network; when visiting doctors outside of the network, PPOs may only pay a % of the medical bills.

5 Government Insurance Plans Medicare: for people 65 and older, or those who have received social security benefits for over 2 years. Covers a portion of healthcare costs, the remaining is paid for by the individual. Medicaid: insurance plan for those people with low income; managed and paid for by the government.

6 Insurance Advantages Coverage of costly medical bills Allows for routine medical check ups and care Covers expensive trips to specialist doctors Aids in covering costs of hospitalization and treatment

7 Insurance Disadvantages Depending on physical health, an insurance company has the right to deny coverage (example: high risk clients for cancer) Expensive monthly fees or premiums

8 Health Insurance Health insurance only helps you get medical attention and allows you to pay for it at a lower price. It is up to YOU to keep yourself healthy!