Affordable Health Insurance in Virginia – Ways to save on your Max Out of Pocket Expense

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Affordable Health Insurance in Virginia Ways to save on your Max Out of Pocket Expense

Affordable health insurance in Virginia can help defray much of the medical expenses you incur during your lifetime. However, if you don't choose wisely, you can end up paying more for your health insurance than you really need to. There are many factors that determine the cost of the premiums you pay for your insurance. Some of those factors include the amount of your deductible and the maximum out of pocket expense you have to shoulder before you insurance company will pay your health care costs at a 100%.

A health insurance deductible is similar to the deductible you have on your car insurance. It is the amount of money you will be required to pay before your health care provider will start footing the bill. For example, if your deductible is $250 then you will have to pay that amount first before the insurance company will begin paying the bills. The maximum out of pocket expense, however, is the amount you have to pay before the insurance company will start paying the bill at 100%. Even after you pay your deductible, you may still be required to pay part of your insurance bills until you reach that out of pocket maximum. For instance, you may have to pay 20% of the bill while the insurance takes care of the other 80%.

At first glance, requiring a patient to pay an out of pocket maximum may seem unfair. After all, that is just less money the insurance company has to pay on your health care costs. However, having this cap on the policies of health insurance is beneficial to the patient as well. It helps guard against the expense you can incur should you find yourself with a catastrophic medical emergency. For example, if you are hospitalized due to a major injury or come down with a serious illness. Instead of paying $25,000 for a hospital stay, your maximum out of pocket costs will be around $2,000 - $3,000.
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The amount of out of pocket expense you will need to pay will differ amongst the many insurance policies out there. Generally, a higher out of pocket maximum means lower premiums and vice versa. To figure out which affordable health insurance in Virginia is right for you, you should carefully look at each plan and way you health needs against the money involved. If you are fairly healthy, then having a high maximum but low premium may be best for you. Conversely, if you use medical services quite a bit, then a low maximum and high deductible may be the better option.

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