CDC: Most Adults Don't Understand Health Insurance Needs

CDC: Most adults don't understand the importance of health insurance.

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Open enrollment season has arrived. According to the CDC, nine out of ten seniors struggle to understand their personal and health insurance needs, and it could cost them billions of dollars.

Locally managed health services receive calls from adults with questions about basic health conditions.

• A patient network is a group of doctors hired to provide services under your health insurance.
• The premium is the amount you pay each month for insurance.
• The deductible is the total amount you pay for covered services before you start paying for the plan.
• A co-pay is a fixed amount you pay for insurance services before and after paying your deductible .
• Then , after meeting the deductible, the coinsurance payment is a percentage of the cost of the covered service.
• Finally, the cash limit is a limit on how much you have to pay in a plan year.

“It's important for people to understand their options when making insurance decisions, right? We want people to feel safer and more confident, but it's hard,” said MHS CEO and President Kevin O'Toole.

Link: Here's how much Medicare premiums will cost in 2023

O'Toole says the most common mistake is not understanding which doctors are in your plan's network.

If you're not sure, O'Toole recommends talking to an insurance broker or visiting MHS, known in the marketplace as an ombudsman.

Registration in the open market begins on November 1. Medicare Open Enrollment ends Dec. 7 for seniors 65 and older.

O'Toole's Medicare program is difficult. Although eligible people will receive information by mail, it's important to start the study before age 65, he said.

October is Health Awareness Month. According to the CDC, if Americans improved their knowledge, our country could prevent nearly 1 million hospital visits and save more than $25 billion annually.

MHS covers approximately 450,000 Hoosiers. For more information, you can call MHS at 1-877-647-4848 or visit their website.

Contact: Many hospitals must provide itemized receipts upon request.

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