What do these rates from the health insurance quote mean?
While looking for a health insurance, I got a health insurance quote that has rates for an in-network health care provider. As indicated, an individual insurance has a $3000 deductible and $5000 maimum out-of-pocket amount. For a family insurance, however, a deductible amount of $6000 and a maimum out-of-pocket of $10000 is given. In addition to these, terms of a co-pay of 70% that includes office visits, laboratories, and specialists are also given. Furthermore, information regarding hospital coverage is also specified as $3000 for an in-network hospital and $6000 for an out-of-network hospital. I want to know for sure what these rates from the health insurance quote means. Let’s say I took an Individuals plan and have been admitted in an insurance affiliated hospital for 10 days and was billed $20000 for this service. How then does my health insurance work on this? How about if the same hospital has $450 for 5 days admittance after deductible policy, who pays for the bill if the 5 days stay eceeded? How much would it cost? Is this going to be a 100% insurance coverage or a co-insurance share?
