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rivera573344 | Explain to me how insurance works? |
I'm a student currently and there is 'health insurance for students' being offered at my school through United Health Care. I've been debating whether I need insurance or not.
But anyways, can someone please explain to me how insurance works exactly? Ok, so say I pay $60 a month for an insurance plan, I get seriously injured in a car accident, the bill comes out to $10,000, do they really pay all that for you?
It doesn't make sense to me, there must be some kind of catch, aren't they losing money by paying over $10,000 when I am only paying them back $60? I don't get it, please explain how this works. |
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Mitch
 |
Insurance works via the law of large numbers. The insurance company takes premiums from a large number of people with an expectation that a small number of people will have large claims. The people that set the "odds" are called actuaries. They (supposedly) know how much the average policyholder will cost the company in claims. Finally, they look at their estimated expenses for things such as salaries, rent, telephone, etc.
Add the estimated claims costs to the estimated expenses. Determine what amount of profit is desired. That is the premium amount.
Example: Estimated claims, $30. Estimated costs $20. Desired profit, 20% (or $10). 30+20+10=$60.
This is of course a very simplified explanation. It does not include the fact that another major source of income for insurance companies is the investment returns that they get from investing the premium dollars that are received. But it gives you a basic idea of how insurance works.
By the way, you should buy it. |
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the d
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first off we need to know how much the deuctable is??
if you can find health insurance from united for only $60 per month that is UNBELIEVABLY LOW |
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es
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You are responsible for your monthly premium, your deductible, and any co-insurance. After that, the insurer pays the rest of the bill. If you are in a car accident, depending what state you are in, you would probably be paid under med-pay, under the car insurance. If you are working and injured on a job, worker's comp pays. Medical Insurance pays when you have an injury or illness, but there are sometimes separate coinsurance rates for hospital admission, use of the ermergency room, and going to specialists. Last year, I was hospitalized for 4 days. The bill was over $30,000. My responsibility was for approximately $800.00. Plans differ widely.
You should know what is covered by reading the summary of benefits.
Get the coverage. Everyone who can afford health insurance should have it. Stuff happens! How do the insurers make money? They spread the risk to many insureds. Not everyone uses their health insurance. If you are lucky, you won't need it, just like car insurance- you don't want to have an accident, but if you do, you can afford the consequences. I hope this explanation helps. If you look up health insurance on wikipedia, you can find a comprehensive article. Good luck and stay healthy! |
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JaredBalis
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Here is a quick rundown on how my insurance would pay if I was in an accident that cost $10,000..I would pay my $1,000 deductible, and then 20% of the remaining $9,000 of the bill, which is $1,800. Then my insurance would pay the rest ($7,200). I continue to pay my $150 per month premium. Many people continue to pay premiums and don't make claims. So it all works out.
Before you take your school insurance, fill out a form here: http://www.myinsurancequotes.net. A local agent will contact you and help you compare your school option against individual plans in your local area. You may find a better deal somewhere else.
Sincerely,
Jared B.
http://www.utahinsurance.org
http://www.healthinsuranceinutah.com |
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Eric R
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You have to look real hard into the policy. Is it a PPO what is the deducible. Yes if you only payed for the premium for 6 months than had a car accident that cost $10,000 they would lose money. But the chances are you will pay on this policy for years and hardly ever use it at your age. Also, a car accident that is the other persons fault their insurance would have to pay for it, and your auto insurance would also be responsible for some of the cost. |
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SCOTT R
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One of my friends asked me this sort of questions before,she found helpful here http://www.HealthInsuranceIdeas.info/free-online-health-insurance.htm .
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Insurance Pickle.com
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Now you understand why insurance companies don't cover pre-existing conditions. BUT, they do cover unexpected illness or injury.
For the most part it'll depend on the plan to determine how much of that $10,000 they'd cover. If you had a $10,000 deductible then they'd cover none of it. If you had a $1,000 deductible they'd cover the majority of it. There are other factors like co-insurance which is the split or sharing of cost between you and the insurance company after the deductible, etc...
But, yes that's how insurance works. Ideally they'll collect more premiums than bills they have to pay out.
But, back to my first point if you were pregnant and wanted health insurance the insurance company wouldn't cover you because why would they take $60/month KNOWING they'd have to pay out $10,000 -- whereas the car accident is just a chance. |
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