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Insurance Co-Payments

The common hearsay that I gotten when I wasn’t very savvy about insurance is how would I not have to pay a SINGLE CENT when I need to claim.

I get that from a lot of people and that is born out of one rumor.

If I pay so much for my insurance, I shouldn’t have to pay a single cent!

When some one blurted out that, it is telling others that this person needs to really get to know what insurance Is about.

A lot will think that buying any insurance means you have all kinds of assurance.

That is not the case. Get educated. Read this first.

If you want to get insured and optimize your cost, focus on a plan that insures the catastrophic covers and opt to pay for the low expenses.

Insurance companies are not stupid. They have actuaries who have calculate a good profitable margin they can make from all the plans and you are likely not able to game the system.

If you are unsure, check out what an actuary will actually buy.

This week we came across a rather interesting article on co-payment and whether they should be a blanket for most necessary claims.

Its good for those that wants to know how co payment works and how he thinks we should shift so that more needy folks do not fell through the gap

Let us look at palliative care. Often patients would have spent much of their life savings by the time they reach this stage, and co-payments may impede acceptance of such services.

In palliative care which emphasises so much holistic care and dignity, conserving subsidies through an intrusive means test involving siblings and children and detailed inspection of family incomes is simply bad practice.

As for moral hazard, can a dying man over-consume palliative care services? St Christopher’s Hospice in England, the birthplace of modern palliative care, has not imposed co-payments. Why not? Surely it would make the service more efficient and help the staff spend less time fundraising?

Founder Dame Cicely Saunders, spiritual leader of the palliative care world until her death in 2005, said: “You matter because you are you, and you matter to the end of your life. We will do all we can not only to help you die peacefully, but also to live until you die.”

[Today online | Revisiting Co-payments | Read full here]



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