Health Insurance works on the principle of sharing risk between the carrier and the insured. The carrier I represent is BlueCross of California. If you were to subscribe to a particular insurance plan, you would be the insured.The number one way to avoid frustration when using insurance is to understand how it is meant to perform when it’s time to drive it. If you purchased a Ferrari but no roads you drove on allowed you to exceed 30 mph, you might get a bit frustrated . You simply bought too much car. To avoid buying more than you need, it’s important to understand the nature of what you are purchasing. Health Insurance is no exception.Health insurance carriers share the risk of the insurance plan with the insured through the following overall approach:You Pay the DeductibleYou Pay the Co-insurance and/or Co-payYou reach an out of pocket max and get everything covered at 100% after that.Hey, what’s with all the “you pay” stuff? Well, along the way different insurance plans cover a percentage of other costs, such as office visits, prescription drugs, hospitalization, etc. However, the above three step approach is a good way to frame the process. We will define the… Read full this story
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