These days, family health insurance is considered a smart solution to safeguard both health and financial aspects for households. The insurance market has become increasingly diverse to meet the needs of various users. However, this diversity often leaves many people wondering how to purchase a family health insurance package that offers the most benefits. Follow this article to find answers to your queries.
How expensive is healthcare in the United States is a common concern for many families planning to live there. The United States boasts an advanced healthcare system, comprehensive healthcare facilities, and a concentration of numerous renowned medical professionals. What are the costs for accessing healthcare in the U.S.? How much do they amount to, and how can you purchase them? Find answers to these questions in the following article.
I. Healthcare Costs in the U.S.:
The U.S. boasts one of the most advanced healthcare systems globally, with cutting-edge medical technology and highly skilled medical professionals. Although private entities largely control hospitals here and not directly managed by the government, the healthcare system is well-regulated, organized, and is an important aspect for those considering settling here.
Unlike many countries, the U.S. healthcare system isn’t free, and accessing its excellent services comes at a considerable cost. Prioritizing health insurance is crucial to reduce these expenses.
Medical expenses in terms of doctor visits, hospital stays, or medication in the U.S. are among the most expensive globally. For instance, if you break your leg, you might end up with a medical bill of up to $7,500 per day.
If you have health insurance when visiting the doctor, most of the incurred costs will be covered by the insurance company. You’ll only need to pay a small portion, thus saving your own income.
II. Understanding Healthcare Insurance Packages in the U.S.:
Here are some types of healthcare insurance in the U.S. that you should consider if you plan to live or study in the U.S.
Personal health insurance:
This insurance is purchased individually, based on age and the insured amount, calculated to determine the premium. This type of insurance is used for reimbursement of individual medical examination expenses.
Family health insurance:
Similar to personal insurance with protective rules, this insurance covers the members of your family. The premiums for this type of insurance are usually lower compared to individual insurance.
Critical illness insurance:
This insurance is for individuals with serious illnesses and isn’t dependent on hospital treatment costs. When participating in insurance, the insurance company is responsible for covering the entire insured amount if you are diagnosed with a specific critical illness like kidney failure, heart valve replacement, paralysis, organ transplants, etc.
Covid-19 Symptom-based insurance:
In 2019, with the emergence of the Covid-19 pandemic, the U.S. saw the introduction of insurance based on Covid-19 symptoms. This insurance covers damages and hospital bills incurred due to Covid-19.
Covid-19 Hospitalization insurance:
This insurance only covers hospital bills caused by Covid-19, and the entire insurance amount will be fully paid to the buyer since it is an insurance package based on specific benefits.
III. How Much Does Healthcare Insurance Cost in the U.S.?
For healthcare insurance in the U.S., to refund hospital expenses during hospitalization, the insured person can pay about $320 a month, accounting for about 35% of the insurance amount. For example, if your hospital bill is $600, the insurance will pay approximately $500, and you will have to pay the remainder.
Moreover, there are insurance types with lower premiums, around $3,000/year for healthy individuals, with no severe medical history and aged between two and three. The difference is that it only covers hospitalization expenses for serious illnesses and not for minor ones.
Where to Buy Health Insurance?
In the U.S., most health insurance companies have a well-developed sales network, linking hospitals, doctors, pharmacies, etc., to provide customers with the most convenient insurance products, reducing costs for medical examinations and medication to the most reasonable prices.
Health insurance will have specific regulations regarding hospitals covered; if you get a check-up outside this network, you won’t be covered. To save money and use insurance perfectly, you should carefully consider and choose healthcare facilities within the insurance network.
IV. Guide to Buying Health Insurance for the Entire Family for Maximum Benefits:
Selecting the right healthcare insurance package for the family is a vital decision as it affects both health and financial aspects. Consider the following steps to make the best choice:
Identify family needs:
Before choosing a family health insurance package, identify your family’s needs, including the number of members, age, financial situation, and individual healthcare requirements. This helps estimate costs and select an insurance package suitable for the required level of protection for your family members.
Understand healthcare insurance plans:
Understanding healthcare insurance plans is crucial as each plan comes with different regulations, conditions, and prices. This knowledge allows you to understand the rights, limitations, and compensation levels of each insurance package. It helps build a financial plan, ensuring regular insurance premiums and minimizing risks when an incident occurs.
Understand terms and conditions:
Carefully read the terms and conditions of each plan to understand the insurance coverage, limitations, and specific diseases not covered. Without this understanding, you might face unwanted situations, like no insurance coverage or not receiving certain benefits. Therefore, understand which illnesses are covered or not, the limits, and the extent of insurance protection.
Consider costs:
Insurance premiums are a regular expense, so you need to consider this cost factor. If the premiums are too high, you might face financial difficulties. However, the price isn’t the only important factor. Consider the overall value of the health insurance package, including insurance benefits, conditions, and procedures required to use insurance. If the premiums are reasonable but the insurance doesn’t provide the necessary services and benefits, paying the premium won’t add much value to your family.
Evaluate the provider’s reputation:
Evaluating the reputation of the insurance provider is crucial to ensure you’re buying a quality insurance product that can protect your family’s finances in case of an incident. You can assess the provider’s credibility based on factors like their operational history, customer reviews and feedback, partner list, certificates, and licenses. In summary, choosing a suitable family health insurance package may pose several challenges, but by researching thoroughly and evaluating different options, you can find a suitable and optimal insurance package that maximizes the benefits for your family.
Conclusion
The above information provides an overview of how to purchase a family health insurance package to maximize benefits. Hopefully, the insights in this article will help you choose a suitable insurance package to protect the health and finances of your family. Don’t forget to follow and update with more useful information from Generali Vietnam.
Cre: Andre/anaimmi.com
