When you visit a doctor or hospital that is in-network with your health insurance plan, you typically pay a set copayment or coinsurance amount for covered services. But sometimes patients get hit with unexpected higher bills from out-of-network providers, even at in-network facilities. This practice is known as “balance billing” and is illegal in many … Read more
Insurance policies contain certain conditions that policyholders must comply with in order for coverage to apply. Failure to meet these conditions can result in a denial of claim benefits. Understanding what conditions exist in your policy and what they require is key to getting full value from your insurance. What Are Policy Conditions? Policy conditions … Read more
Insurance policies and insurance contracts are related but distinct concepts. While the terms are sometimes used interchangeably, understanding the key differences is important for both policyholders and insurers when it comes to legal rights and obligations. Insurance Policy An insurance policy is a written document that outlines the terms, conditions, and exclusions of an insurance … Read more
Original Medicare typically covers 80% of the Medicare-approved amount for covered medical services, after you meet the Part B deductible. As a Medicare beneficiary, you are responsible for paying the remaining 20% coinsurance. However, with a Medicare Advantage plan, your out-of-pocket costs are structured differently. The 20% Coinsurance in Original Medicare Under Original Medicare Part … Read more
Preferred provider organization (PPO) plans are a popular type of health insurance in the United States. As of 2020, over 59 million Americans were enrolled in a PPO plan. PPO plans offer members flexibility in choosing health care providers. They also typically have copays and deductibles like other types of private health insurance. So do … Read more
Drivers under 25 years old typically pay much higher auto insurance rates than older drivers. There are several reasons why car insurance costs more for young drivers under 25. The main factors leading to expensive auto insurance for young drivers include: Lack of driving experience Increased risk of accidents Distracted driving behaviors Overconfidence behind the … Read more
Insurance policies provide financial protection and peace of mind in the event of unexpected losses. There are many different types of insurance available to cover a wide range of needs. Here is an overview of the most common forms of insurance that individuals and families may want to consider purchasing. Auto Insurance Auto insurance is … Read more
Medicaid and Health Savings Accounts (HSAs) are two different healthcare programs that serve different purposes. However, their eligibility requirements overlap in a way that affects whether someone on Medicaid can contribute to an HSA. What is Medicaid? Medicaid is a public healthcare program that provides health coverage to low-income individuals and families. It is jointly … Read more
Claims adjustment is the process of investigating, evaluating, and settling insurance claims. The purpose is to determine if the insurance company is liable for a loss under the terms of its policy and if so, what amount should be paid to the policyholder. Claims adjusters play a vital role in this process. Who Are Claims … Read more
UnitedHealthcare is one of the largest health insurance providers in the United States and also offers coverage options for residents of Puerto Rico. Here is an overview of UnitedHealthcare’s presence in Puerto Rico and details on plan options, provider networks, and how to get the most out of your UnitedHealthcare health plan if you live … Read more