Magazine article VFW Magazine

Hospital Stays and Health Insurance: How Good Is Your Coverage?

Magazine article VFW Magazine

Hospital Stays and Health Insurance: How Good Is Your Coverage?

Article excerpt

The average hospital stay in the U.S. costs patients aged 45-84 upwards of $14,000, according to the Healthcare Cost and Utilization Project (HCUP).

These hospital expenses are sufficient enough to exceed annual health insurance deductibles for most major medical plans. While these costs can be scary, it can be beneficial to know how medical plans work as well as additional plan options on the market.

TRADITIONAL MAJOR MEDICAL PLANS

Group and individual major medical health insurance policies offer a range of benefits from limited to full coverage. Group plans typically have pre-defined benefits and set rates. The cost of an individual plan is determined by the individual purchasing the coverage and depends on the scope of coverage and options selected.

Overall, individual medical insurance plans offer consumers flexible benefit options that can be customized for each policyholder. Policies are often purchased for those seeking the ability to choose their own customized health plan benefits, children graduating college and individuals without an employer-sponsored group health plan.

SHORT-TERM PLANS

A short-term policy is a temporary policy that offers health coverage for a specified period of time, ranging from one month to one year. Short-term plans are ideal for those in need of health coverage while waiting for a permanent policy to begin. They also can be an affordable alternative to COBRA. This could include recent graduates coming off their parents' health insurance plan, new employees during their insurance-eligibility waiting period at a new job, or recently discharged military coming off Tricare. …

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