I know all the other comments say this... but thank you, this is THE BEST explanation for health insurance I have come across and I have just watched like 50 videos. I was tyring to become a pharmacy technician so I wanted that understanding and you nailed it on the head, I completely understand now... THANKS AGAIN!!!
Agreed thank you for this vid. Very easy to understand and write down notes. I want to know as much as I can about every policy or situation from now on. Before it seemed a bit like a foreign language.
Hey, you can also watch Dr Glaucomflecken's videos ! Very instructive, and very funny And this month, he is doing a series of daily short videos about health insurances
Thanks for breaking the terminology down. Not only is US healthcare a criminal system, but it's insult to injury when they don't even cover this type of info in public school systems.
and a criminal system when I just noticed my deductibles are set so high. Now I understand every year will be as If I didn't have any healthcare coverage. I only go to the doctor yearly for minor things. Therefore, I'll be paying for my bills out of pocket. Then January 1st will be reset again. Also, the coinsurance and copays % may never kick in either yearly until something catastrophic happens (may God forbid)...... That's a crime for us to pay monthly for years after years to only have coverage for something extraordinary that may never happen and we don't want it to happen either. My deductible is 7,000. I never exceed it yearly.
I’m not disagreeing with you at all. In fact, I am 100% on your side. However, let’s be real if this was taught at school, I could assure you that the students would either not care or not pay attention.
I know, right? There should be a class Real Life Skills as an elective. Instead of making me take poetry, lol. Um, Actually from college humour even has a Real Lofe Skills category!!
When my mother had pancreas attack back in 2007 , she was in a hospital for three months, they did very serious surgery successfully and didn't even ask her for insurance card, which she lost accidentally. (Croatia).
Thank you SO MUCH man!! I just joined a new company and I have to compare insurance plans and all these terms were new to me until you explained it so well. God bless you!
Do you have $1 million in the bank to pay cash for your medical care? Didn't think so. Insurance is about managing your exposure to risk. You pay for that via insurance premiums and deductibles. Health insurance companies also reduce the cost of your health care by negotiating a contract price for most medical procedures. It's a service and you reap the benefits when you need to use it.
@@wiseowl2020 wrong, actually it’s the contrary to reaping any benefits. The health and insurance industry prays on the need to have health care. It’s not a luxury or a privilege, it’s a basic necessity to life. The high cost of medical care automatically cuts anyone but the rich to be able to pay out of pocket for procedures, treatments or medications of a lot serious injuries, accidents and diseases. And some even not so serious but still costly (ex: diabetes) so the rest of the majority of the population needs to have insurance to pay for these costs. And the uninsured ( usually the poor) is stuck with an inflated price set by health companies “ negotiations better prices. The health insurance companies do get better prices by negotiating with health companies. But those prices are even really high by world standards. The high cost of health insurance in the US goes hand in hand to the price of insurance; the higher the price of insurance the higher the profits to the companies. If health care was cheaper more people would be able to pay out of pocket and maybe go without insurance, so the pool of people with insurance would drop too, as well as profits.
@@Penguin_of_Death Health care can not be denied to anyone in the US based in ability to pay. That's a federal law. We also have public aid for those who can't pay. I don't think I should have to shovel half of my earnings in taxes so someone gets "free" health care.
I am a dutch student and I'm writing a final project on healthcare in the US. This single video helped me understand something I had previously been trying to figure out for 6 months! thank you so much!!
…..how do I say this. THANK YOU!!!! …literally. I’m saving this to my favorites because I don’t even know how to else to thank you for this explanation. I wish this video had ads because you deserve to be paid for this explanation. Guess I’ll just like and subscribe instead lol. But seriously. THANK. YOU.
I was not fully able to understand these terms after hours of research but this video just made everything clear and now I totally understand these terms so thank you!
Oh my god. This explained the terms so well, that I just got sadder that healthcare has this many hoops in the US. That aside, thank you for this video. I'm blessed having to review this because I'm looking forward to my first benefitted job. Best of luck to all the job and healthcare journeys on here!
Thanks for explaining. Thats what I feared when I started actually looking at what they cover its a sham. Unless your really sick and really wealthy its not worth it and pushing it on us is ridiculous we need universal healthcare this is ridiculous their is no real insurance if you have to make more than 80 thousand to afford it its a shame. I feel sorry for families with multiple sick people.
Crazy to think an ER visit could cost $6000 USD even after the insurance company pays their share. It costs $23 USD for an ER visit (all inclusive) in Hong Kong. Gotta love universal health coverage!
Thanks for sharing such great information. It is really helpful to me. I always search to watch the quality content and finally I found your post. Keep it up, keep posting!
Okay Martin, so generally speaking, investing calls for more knowledge. For this reason, it's crucial to have a strong support system (financial counselor) to lead you through, particularly while choosing assets. I work with Regina Louise Collaro, a registered wealth management company's partner investment advisor. For the record, it has been the best experience for my finances. You may have heard of her because of how well-known her services are. She helped me become financially solid through investment, and now I profit from her passive income strategies on a monthly basis.Therefore, I'll suggest that you choose a reliable investment advisor for yourself.
@@skoopqueenI value your recommendations. It's challenging to locate a trustworthy person. I could really use your investment advisor after seeing how much money you've made through investing. If you don't mind revealing her information, that is
By looking for her name online, you can quickly uncover her information. She recently appeared on CNN and she is really simple to deal with no matter where you're located
You are correct, and I am only one of many who gained from working with Regina Louise Collaro. I had no reason to live when I lost my job due to COVID in 2020, and it will always be a memorable year in my life. Regina made it possible for me to live comfortably through passive income, thus I owe her my life. To be completely honest, I think she is an angel who was sent to help those who are struggling financially.
This is insanely complex. In Belgium 2024, insurance ALWAYS comes in between for a fixed rate, even for the lowest cost. If you visit a doctor, you don't even have to pay everything upfront. You just pay the personal contribution of 4€ and insurance gets billed for the rest.
Your videos are very useful and provide lots of information. I have received lots of help from them, please continue to share this kind of information. Thank you.
Absolutely enlightening video on 'How Health Insurance Works'! 🌐💡 The breakdown of terms like deductible, coinsurance, copay, and premium makes navigating health insurance seem less daunting. Kudos for simplifying complex concepts! 🙌🏥 #HealthInsuranceExplained #FinancialWellness
So I pay $180 a week for 13 years. I never got sick I need an ultrasound and my copay is $200? Deductible is 2000 and it's September. ? Does it make any sense that I've paid them over $121k where does THAT money go?
Just checked my policy apparently until I pay my deductible of 1800 of a doctor visit I would have to pay the full amount at the doctors. I honestly have no idea why I got health insurance. I feel scammed.
What about a lengthy visit to the ER where you get sick or have to stay for several days, and the bills are in the tens or even hundreds of thousands? This happens all the time to people in America. Are you saying that if the out-of-pocket max is, say, $600, you would only have to pay $600 for that entire stay and all associated costs (assuming you're within network)? That seems too good to be true to me. Are there special circumstances for those kinds of situations?
Unless you're paying a pretty insane premium your out of pocket max is going to be in the high thousands, even above your deductible. I pay 230 premium for 6700 deductible and 8500 out of pocket max. Literally won't use it unless something really really bad happens to me
As long as you meet your plan's requirements then yes the Out of Pocket Max is the most you'll pay in a year, the only caveat would be if you are in or out of network as the OOP max for each would vary. If your in-network OOP max is 2000 then that is the most you'll pay in a year for services is $2000 regardless of total cost of services. You can verify with your insurance company how out of pocket maximums work for your specific plan.
@@williamwebster9153 Man, I'm jealous my premium is 500 and my oop max is 8750. Health insurance does everything they can to squeeze every penny out of us. Whats crazy is that Canadians don't even pay more than us in taxes and its all free. no deductibles, no co-pays, and no oop max to worry about. They even pay less in the highest tax brackets. Its crazy how many of my fellow Americans have just eaten up propaganda from private insurance companies.
Thank you so much for this very helpful video. In the emergency visit example. Let’s say it cost $10,000 rather than $8,000. If my Individual OOP Max was $6,000 then I’d still only pay $6,000 right? If the bill was $100,000 I’d only pay $6000 right? What about drugs? What if I had to take a drug that cost $100,000? I’d only have to pay $6000 right? Thank you so much.
