Affordable Michigan Health Insurance

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Michigan Health Insurance

Michigan Health Insurance

Michigan Health Insurance

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We have the lowest prices on Michigan Health Insurance allowed by law

Michigan Individual Health Insurance

So you’re in a position where you have to purchase your own Michigan individual health insurance.

 

This means you are either; employed by a company that doesn’t currently provide health insurance benefits or you are waiting for them to become available, you are self-employed and must provide your own Michigan individual health insurance coverage, or if are like way to many Michiganders lately, you are currently without employment but still need health insurance coverage.

 

Whatever your circumstance is, we all want to find the most affordable Michigan health insurance we can find. By the time you are finished reading this, you should be able to at least compare some of the very basic health insurance benefits that are available to you, and make somewhat of an informed buyers decision.  It is very important that you make sure you understand exactly what Michigan individual health insurance benefits are essential to your overall health and lifestyle, while keeping the constraints of your monthly budget in mind.

 

Make sure you receive several Michigan individual health insurance quotes.

 

First, you should always receive several health insurance quotes from as many licensed Michigan health insurance companies as you can find. This will ensure that you are getting the most out of your benefits and the best value for your hard earned money. You should apply this to any insurance that you may purchase as well, car, home, life, not just your Michigan health insurance.

 

Don’t be afraid to use an independent Michigan health insurance agent. They usually represent several different Michigan health nsurance carriers, and they are paid by the insurance companies so there is no expense on your behalf to use one. Plus, it saves you from doing all the leg work on your own.  We will be explaining Michigan individual health insurance coverage here, but the same process and research techniques will apply to both family health insurance as well as Michigan small business health insurance buyers.

 

Three basic parts of a Michigan individual health insurance plan.

 

The three basic benefits we will discuss here are; the deductible, the co-pay, and co-insurance. There are a whole lot more options you should become familiar with, but these will give you a good running start.

 

The deductible on a Michigan individual health insurance policy can run from as little as a zero deductible plan, up to as much as a $25,000 deductible. It doesn’t take a Rocket Scientist to figure out that the higher your deductible amount is, the lower your health insurance premium will become. A $5,000 deductible is very common these days. The deductible is the dollar amount of services you are responsible for before your health insurance policy will begin paying their portion of your health bills.

 

The co-pay, this is the dollar amount you are responsible for when you seek to use the services of a Doctor, Hospital, Emergency Room or purchase a drug prescription. These amounts can range from zero co-pay with a very comprehensive health plan to a certain percentage of the costs, or to a set dollar amount per procedure, depending of the health benefits you have purchased. Some common co-pay amounts are $10 to $75 for drug prescriptions, $20 to $100 for Doctor’s visits, $250 to $500 for emergency room visits, and $250 to $1000 for hospital stays.

 

As with deductible amounts, your Michigan individual health insurance premiums are usually lower per month with the higher co-pay amount policies. The co-pay amounts are not only used to help off-set the price of the services rendered, they are also utilized to prevent people from abusing the services. If it didn’t cost some people $250 for every time they used the services of the emergency room, they would tend to go there first instead of waiting a week or more for a regular Doctor’s appointment for true non-emergencies.

 

Finally, we will discuss co-insurance. Co-insurance can and does confuse many people. Co-insurance is the dollar amount of your Michigan individual health insurance benefits that you share on a percentage basis with the insurance company for a covered claim. Co-insurance is usually expressed in a percentage of the billing amount; 90/10, 80/20, 70/30, 60/40 are the most common co-insurance amounts for health insurance in Michigan.

 

What this means in most cases is that for example with an 80/20 health insurance plan, you would be responsible for 20% of  a covered claim, and your Michigan individual health insurance policy would be responsible for the other 80% of the covered claim.  This is of course assuming you have satisfied your annual deductible and your co-pay if one applies to the current injury or illness you are seeking medical care for.

 

How a Michigan individual health insurance plan works on a claim.

 

Ok, so let’s put these three items together on a typical covered claim, and see what you must pay for out of your pocket, and what your Michigan individual health insurance policy will cover. To make this easy, we will assume a broken hip for this scenario, patient was taken to the emergency room by themselves, I know, it must have hurt driving yourself to the emergency room but this is just for an example.

 

Now here are the details. Total bill for all your medical attention and hospitalization for this broken hip came to $28,000 with all services taking place with an in-network provider. Now, how much of this are you’re responsible for?

 

Here’s your policy for arguments sake. You have an 80/20 Michigan individual health insurance policy; your policy has $5000 a year out-of-pocket maximum, a $500 annual deductible that you have already met, and a separate $1000 deductible for hospital stays. The original balance is $28,000, you have already paid your annual deductible and your balance of this $28,000 medical bill would be $5,500, Your Michigan health insurance policy would be responsible for the remaining $22,500.

 

Here is how we arrived at your total of $5,500 for this claim. You had a separate $1000 deductible for hospitalization, and you have a $5,000 a year out-of-pocket maximum on your policy, of which you already satisfied $500 of it earlier in the year, so you take the $1,000 separate hospital deductible, and the balance of your $4,500 out-of-pocket maximum you have remaining, add those two costs and your total comes to $5,500.

 

Now, you have reached your out-of-pocket maximum for the rest of the billing year. Should you incur another claim during the balance of the billing year,  you would now only be responsible for the separate deductibles of each claim .

 

Now you have a better understanding about how a Michigan individual health insurance plan works.