Are deductibles, coinsurance, co-payments and out of pocket maximums all terms that make your head spin? If so, you are not alone. Believe it or not, many people are uninformed about their insurance coverage, particularly those approaching retirement.
Every day we discuss insurance with our guests and their families. Upwards of 50% are shocked to know that their insurance has a deductible, coinsurance or co-pay. More often than not we find ourselves explaining that it is not a Copley policy, but a policy of the insurance coverage they voluntarily choose.
Most commercial insurers such as Blue Cross Blue Shield and TUFTs as well as Medicare have some out of pocket cost. These costs can range anywhere from $20-$100 per day for commercial policies and in 2016 $161.00 per day for days 21-100 under the Medicare program. Supplementary insurance coverage such as Medex are plans that cover these types of charges but are an additional plan and premium on top of your original policy.
Whatever your insurance coverage is, please take some time to read all of the coverage details. The last thing you need is any extra anxiety after an unplanned hospital stay caused by not knowing what your insurance covers. If you are planning an elective surgery that may require post hospitalization rehabilitation care, Copley’s admission staff would be happy to assist you in verifying what your out of pocket costs would be.