Your health insurance company’s formulary is a list of all the different drugs that their plans cover. Within the formulary, there are drug tiers. These tiers determine the level of coverage your prescription drug plan offers for a specific type of medication.
Whether you’ve had the same health insurance company for years or switched to a new health insurance company, the variance in cost is directly related to whether a healthcare provider is within your health insurance company’s network (if you have a PPO), if you have a deductible to satisfy first, or if you have a co-pay.
If you have recently signed up for dental insurance, you may notice that your plan has a waiting period. Understanding what services are covered right away and what services you must pay for entirely out of pocket can help you make informed decisions about getting necessary work done.
To help customers avoid buyer’s remorse, health insurance policies are required to offer a free-look period. If at any time during this period you find that you’re dissatisfied with your policy, you can cancel it and get your money back.
An employer-subsidized plan is a sensible option for employees. Not only does the employer pay at least 50% of the employee’s premium, but the remaining premium is tax-free and taken directly from the employee’s pay.
The majority of health insurance companies have a contract with a network of hospitals and other providers. In this contract, there are negotiated rates for different services. This negotiated rate is generally lower and sometimes significantly lower than what a provider would charge someone who is paying out of pocket.
A drug formulary is a list of the prescription drugs that your health insurance company has agreed to cover so that when you fill your prescription, you don’t pay the full price of the medication. In most cases, formularies are comprised of drugs that are the safest, most effective, and most affordable.
Life happens, and while you should make every effort to pay your health insurance premium on time, health insurance plans generally will have grace periods. You may have a grace period of 30 days, or if your insurance plan is through Nevada Health Link (on-exchange), it may be up to 90 days.
There are distinct differences between hospital emergency rooms and traditional urgent care centers, including the level of care that can be provided at each location.
Insurance agents are licensed professionals who specialize in connecting people with the insurance policies that are right for them. They help the customers understand their coverage by studying all the insurance company’s policies and procedures.