Group Health Insurance Arkansas AR
Reader’s Question:
I am thinking of converting my group health insurance policy from my employer to an individual heath insurance policy in Arkansas. What are the normal terms for individual health insurance policies?
Cory
Fayetteville, AR
Thanks for asking, Cory.
I might not be able to give you all the details here but I will just give you an overview of the terms of most, if not all, individual health insurance policies in Arkansas. You see most usual and customary charges for health insurance policies include standard rate for a procedure or visit. If it so happened that the doctor you visit or the health provider charges above the amount, they exceed the company’s customary amount. The amount you pay to the doctor or provider after the plan pays is your co-insurance. The doctor or provider collects this amount of your shared cost of insurance. Normally, co-pays are percentages, like a 70/30, which burdens you with 30% of the total cost. The specific amount that you will pay before the company pays will become your deductible. The lower your premium, the higher your deductible will be. When you say you ‘so-pay’ it really means you pay a certain amount for any medical costs.
Mind you that most health insurance companies will exclude coverage for re-existing conditions, which are really health conditions that occur before you get a health insurance coverage. You better get coverage while you are healthy because the moment you get sick and get diagnosed, it will be too late to get coverage. And if you can, the price is usually higher for those with pre-existing health conditions.
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