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Despite being one of the richest countries in the world, America is renowned for its largely private healthcare system. While there are some government-funded healthcare organizations, the majority of medical services are delivered by private enterprises.

American Insurance Companies

For the average American, this private system makes health insurance a priority. With medical bills routinely stretching to hundreds of thousands of dollars, it’s vital to have insurance in place to cover these costs.

However, even Americans with comprehensive medical insurance sometimes feel they’re being shortchanged. From complicated small print to limited coverage, there are endless ways that insurance companies can reduce their financial liabilities. For policyholders, however, this approach can represent a lack of value and a distinct lack of fairness and empathy.

Understanding Your Medical Insurance Policy

Although medical insurance can offer an enormous amount of value, policyholders will inevitably feel stung if they’re unaware of what their policy actually covers.

Although medical insurance can offer an enormous amount of value, policyholders will inevitably feel stung if they’re unaware of what their policy actually covers. Unfortunately, it isn’t always easy to determine exactly what your healthcare insurance does cover, so it’s not surprising that confusion abounds.

Often, people make a claim on their medical insurance, only to find that they have to pay out of pocket for deductibles. If your policy specifies a deductible, it means you’ll need to pay for the first portion of your treatment. Every policy can be different, so one person may have a $2,000 deductible, while another may have a $5,000 deductible. One example would be a roof damage insurance claim from wind.

Once your deductible has been paid, most insurers will begin to fund the rest of your treatment, providing it falls within the terms of your policy agreement. However, this doesn’t necessarily mean they will pay for all of it. Again, the terms of your insurance contract are likely to include a copayment clause.

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When you have to make copayments, this means that your insurance provider will cover some of the costs of your healthcare needs, but you’ll have to fund the rest. If you need to access treatment more than once, chances are you’ll need to make repeat copayments, even if you’re receiving treatment for just one medical condition.

Illness Exclusions and Healthcare Insurance

As well as facing significant costs to obtain treatment, even when they’re insured, many Americans learn the hard way that insurers won’t cover every type of illness. While some policies will exclude specific illnesses from the outset, others may exclude particular conditions based on you being high risk.

If you have a family history of heart disease, for example, a potential insurer may offer you healthcare insurance which excludes cover for heart-related conditions. As the risk of you requiring this type of treatment is higher than average, insurers try to limit their liability by excluding it from your policy.

Similarly, if you’ve been diagnosed and successfully treated for a medical condition in the past, insurers may exclude this illness from future policies. If your condition flares up or recurs, it means your subsequent treatment won’t be covered under your policy. In some cases, insurers may decline to offer you cover altogether.

Finding the Best Healthcare Insurance

With so many complexities surrounding healthcare insurance, it’s not surprising that many people feel let down by their providers. However, there are insurers that offer high-value policies, even in high-risk situations. By choosing the right provider, for example, cancer survivors can still get life insurance and you can opt for minimal co-payments or complete coverage.

To find the right healthcare insurance policy, consumers must examine the contract in detail and try to make sense of it. To do this, it’s often easier and more effective to access expert help. By seeking advice from an insurance agent or broker, for example, Americans can understand exactly what their healthcare insurance entails and ensure they’re getting the best value for their money.