Wednesday, December 18, 2013

7 Things Cancer Patients Should Know About Their Health Insurance...

If you or your loved ones have been burdened by the horrific news of cancer, it’s best to take some time to step back, and don’t lose hope. Don’t let the fear of financial hardships bring you down -- that’s what your insurance is for. It’s going to be a challenging journey ahead, so it’s best to equip yourself with knowledge: here are a few things cancer patients should knowabout their medical insurance.

When your insurance claim is denied or dropped, worry not—you can make an appeal. You need not suffer in silence and deal with the consequences on your own. To increase your chances of being heard, you can ask your doctor to help you. Furthermore, your doctor and hospital should know that they can’t bill you at least until after you’ve fixed things with your insurance company.

Annual Deductible
This is basically the first thing you have to check in your insurance because this will determine how much the insurance company needs you to spend first before they start paying for your medical expenses.

Annual Limit
It’s important to know the total amount of coverage your insurance will give you in a year, so be fully aware if you can make the most out of your benefits.

Extra Billing
If you haven’t heard of balance billing yet, it’s when the insurance company pays only a part of your bill because they think that you’re able to pay for the rest.

Coinsurance versus Copayment
Coinsurance is simply the percentage of your payment in the health care service. For example, your care states that your coinsurance payment is 30%, then you pay for that and the plan pays for the rest. Copayments are payments made for services preset by the insurance policy, and is billed to you every time you avail of these services.

Stop Loss or Out of Pocket Feature
This is a definite must-have feature in your insurance policy. The stop loss or out of pocket feature ensures that after you have personally paid for a specific limit your insurance providers have set, they will cover the rest of your expenses, 100%. Insured payables include annual deductibles, coinsurance, and copayment.

Always Look for a Plan B
If your current health insurance drops you and your appeal is denied a second time, it’s best to ask for help—you can ask for government aid or ask professionals who know the right people or insurance companies to talk to during for such situations. These people will help you understand policies better and offer you other options.

As a final reminder, make sure that you, your friends and family keep a good record of all transactions and visits both to the hospital and your insurance provider. Of course, it is also vital to be fully aware of your policy’s coverage. Read it over and over again to make sure you are not missing out on any specific help you could still be getting. Your insurance policy is supposed to make things better for you, not make things worse, so keep hoping for the best and you will definitely see things through.

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Disclaimer: The above article is for education purposes and raising awareness for cancer and medical insurance and is provided by Compare Hero.

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