Cost of health care can be taken care of in two ways, out of which one is paying a deductible and the other is making a co-payment. If you are considering health insurance for yourself and your family then you need to access a health plan that is most suited for your special need. The present company for whom you are working will provide you with a plan for health insurance, but you need to shop for a package with greater benefit. As far as a deductible is concerned, before the insurance company pays for the medical costs incurred by you, you are expected to pay a particular amount known as an out of pocket expense, which is also termed as a deductible.
Co-payments for medical services are assessed:
How co-payment works in health insurance? As far as co-payment is concerned, the amount is not very big. Each time you visit a doctor, you incur certain expenses and at times even a specialist’s charges. These separate expenses which you pay are termed as co-payments. The amount could keep adding up if you visit many specialists. You can opt for a co-pay plan and save a significant sum of money, especially if you don’t visit a specialist doctor frequently. A majority of the expenses will be covered by the health insurance company and at the same time there are no deductibles to be paid. Each time you access medical services, accordingly a co-payment has to be made. Before the insurance company pays the benefit to the insured person, the co-pay amount is to be cleared.
Working of the health plan:
The reason why a co-payment exists is so that people can refrain from looking out for medical treatment which is not really necessary. Investigating how co-payment works in health insurance reveals that inquiry with the health insurance company brings up extra bills, even after you have made the co-payment. Before you take any decision on a health insurance plan, it is a good idea to first find out about the fine print and the working of the same. The health plan could have a ‘cap’ in case another bill is provided, even after a particular copayment amount is made, especially in the case of surgeries where expenses keep increasing at every stage.
Some of the companies selling pharmaceutical products provide programs for copayment reduction at subsidized rates and on temporary basis, which can range anywhere from sixty days to one year. Even if an individual keeps taking medication from a branded pharmaceutical, the option o payout may be removed by the pharmaceutical company and the patient will then have no choice but to make the entire payment towards medical expenses on products used. In case a particular medication is not available, then the only options are to use the medication with a higher copayment or face no other alternative but to discontinue using the drug and remain without treatment. The whole idea of co-payment is to offer respite in the face of rising medical expenses and make treatment less stressful.
by Aanya Silverson