The uninsured rate in America was on the rise even before the coronavirus – and that’s a big problem. Health insurance provides access to affordable healthcare in the event of an emergency, preventative care, and diagnostics that can catch serious illnesses early. Therefore, it is important to avoid a lapse in coverage.
COVID-19 is testing America’s healthcare system and the number of confirmed cases is continuing to rise. Because of the sharp rise in cases, treatment costs have become a big concern for those affected. If you are currently uninsured or are in the process of enrolling in a plan, you may be wondering, “What does health insurance cover?”
Why is Health Insurance Important?
There are several benefits of having health insurance. Health insurance protects your health and your financial risk, especially during a pandemic. Having health insurance will:
- Provide you with access to affordable healthcare in the event of an emergency, accident, or illness
- Protect you against high and unexpected medical costs
- Reduce the amount you pay towards medical expenses
- Provide you with free preventative care, including screenings, some check-ups, and vaccinations
What Does Health Insurance Cover?
Obamacare health insurance benefits always include ten essential benefits and all insurers must provide these benefits:
- Hospitalization, including overnight stays and surgery
- Ambulatory services
- Rehabilitation devices and services
- Services and medical care related to pregnancy, newborn care, and maternity
- Prescription drugs
- Laboratory services
- Wellness and preventative services
- Pediatric services, including vision and coral medical care for children
Your health insurance plan may include additional benefits. The exact benefits you are entitled to will depend on the plan that you select during enrollment.
Should you need to change your benefits, you may do so during open enrollment or at any time that you qualify for a special enrollment period. You can be eligible for a special enrollment period for 60 days after a qualifying life event, such as losing health insurance, getting married or divorced, or having or adopting a child.
What Does Health Insurance Not Cover?
Unfortunately, health insurance benefits don’t cover everything. While every insurance plan is different, health insurance does not generally cover services such as:
- Experimental or untested treatments
- Cosmetic procedures, such as plastic surgery
- Fertility treatments
- Prescription medications when not used for their specified disorders
How Much Do Health Insurance Benefits Cost?
The cost of health insurance varies your insurer, policy, and income. Regardless of the type of insurance you have, the cost of insurance includes premiums and cost-sharing. Premiums are monetary amounts that you pay to your insurance provider each month.
The amount of your payment depends on the policy that you choose, where you live, your age, your tobacco use, and if your plan covers any dependents. For example, the cost of insurance is less if you have no dependents and if you do not use tobacco.
Cost-sharing includes copayments, coinsurance, and deductibles. Copayments are small amounts that are due at the time of receiving services, and coinsurance is the amount you’re expected to pay for your medical care. Your deductible is the amount that you must pay towards your expenses before your insurer begins to pay its share. Having a lower deductible will usually increase your premium, but it could save you money if you have a lot of medical expenses.
The Cost of Not Having Health Insurance Benefits
Health insurance benefits are always important, but they are even more essential during a pandemic. Testing for the coronavirus is free, but treatment usually isn’t. A three-day hospital stay can cost you around $30,000 if you’re uninsured. Early estimates show that uninsured Americans could face up to $75,000 in medical expenses for coronavirus treatment that requires hospitalization.
Let an Agent Help You Explore Your Options for Health Insurance Benefits
Health insurance benefits are important to maintain, especially during a pandemic. The COVID-19 virus has impacted the lives of Americans across the country. Stay-at-home orders have been issued, businesses have shuttered, and millions of Americans have lost their jobs and income.
The number of confirmed COVID-19 cases continues to rise. Therefore, having access to affordable healthcare is essential. The most significant benefits of having health insurance are a safeguard to your health and finances. Are you exploring your options for health insurance benefits? Fiorella Insurance Agency is one of the largest licensed insurance agencies in Florida, with over 66,000 healthcare customers and rising. Contact us today to see how we can help you choose the right plan. Or if you like, you can complete the form below to get started right away. It will only take you about a minute to complete the form.