Health insurance plans provide you with financial protection in case you have a serious accident or face any other medical emergency. If you are uninsured, you might be exposed to more medical expenses than you can handle. For many uninsured Americans, this leads to piling debt and in some cases, bankruptcy.
However, it is quite easy to underestimate how much healthcare can cost. Take a look at the average costs of the following procedures:
- The average costs of a 3 day hospital stay is $30,000
- Treating a broken leg can cost you up to $7,500
- Intensive cancer care can costs hundreds of thousands of dollars
Thus, having affordable health insurance in NY can really help protect you from unexpected medical costs like these and much more.
Marketplace Health Insurance Protection
When you have medical coverage, your plan protects you from high medical expenses in three ways:
This is the total amount you need to pay out of your pocket, regardless of how much coverage you get in your plan each year.
For example, if your plan has a $4000 out of pocket maximum, once you pay $4000 in deductibles, co payments and coinsurance, the plan pays for any other covered care for the rest of the year. While this provides the essential peace of mind you need, it also protects you from high medical costs.
Reduced Costs after You Meet Your Deductible
Once your spending for the covered services reaches your plan’s deductible, the plan covers part of your medical expenditures. Marketplace plans cover anywhere between 60% and 90% of your covered expenses after you have met your deductible.
For example, if your plan has a $2000 deductible, you pay the first $2000 in covered services. After that, your plan covered between 60% and 90% of your covered expenses, depending on what kind of plan you have. You could pay anywhere between 10% and 40% of the costs as co payments and coinsurance.
No Yearly or Lifetime Limits
Marketplace health plans cannot put a dollar limit on how much they will spend each year or over your lifetime to cover all the necessary health benefits.
In fact, many Insurance companies also negotiate discounts with different healthcare providers and as their member, you get discounted rates too. On the other hand, people without insurance pay twice as much for their care.