Health insurance policies provide protection against unforeseen medical expenses. Premiums are based on anticipated costs for particular services. Most health insurance plans allow a payment to be made if a claim is made and the amount paid out does not exceed what the policy limits. However, self-pay health insurance payments can be quite a hassle. Read on to learn more about self-pay health insurance collections.
Self-paid health insurance premiums consist of two parts. The first is the “base premium”, which includes the deductible and premium for both of your coverage amounts. This portion of the premium is what will be collected when you file a health insurance claim.
The second part of your health insurance premiums will be what is called an “effective date”. This is the actual date that your health insurance provider will begin collecting payments on your behalf. At this time, the insurance company will send you a notice that a claim will be made against you. It’s important to know this date so that you can document the claim as it occurs.
Once the insurance company has filed your claim, you will need to pay the balance, or “self-pay” health insurance premiums. Self-pay health insurance premiums are completely tax deductible. There is no penalty for filing a claim. However, there may be certain restrictions on how much money can be returned once a claim is paid in full. Be sure to check with your health insurance provider to find out what, if any, restrictions apply to your particular plan.
If your health insurance provider allows it, you may want to turn in your health insurance policies. At this time you will need to fill out an “acknowledgement of receipt” form. This is sent to you through the mail. In most states, health insurance collections professionals will need this form.
If you choose not to turn over your health insurance policy, you may be required to make monthly payments at set intervals or complete certain tasks. You may also be required to participate in state and federal health insurance exchanges. Health insurance exchanges are a great way to lower your health insurance premiums. If you don’t participate, your rates will increase dramatically. Health insurance premiums are based on your health history, medical habits, and family circumstances. It’s important to remember that health insurance collections professionals will make these determinations, which means they will focus on your health history the majority of the time when processing your health insurance claims.
When health insurance collections professionals are processing your claims, you should request that all of your health insurance paperwork to be processed through one office. It’s always best to have everything in one place so that you have the same procedure done when you need to file your health insurance claims with your health insurance carriers. This will speed up the process and reduce the chances that you’ll miss any deadlines or paperwork. You also want to work with someone who is understanding and professional. The last thing you want is to be stressed out due to a mistake.
You can avoid most health insurance collections problems, if you follow some simple rules. Keep documentation handy, including bills and statements that pertain to your health insurance. Have your health insurance policies in a clear order. Make sure all of your health insurance policies are current and read your policy every year. If you ever become ill, you must document that fact. If you are unable to work, you must document that fact as well.
One of the main reasons that health insurance collections professionals get so frustrated is that people do not adhere to the policies that they have purchased. Some people forget about taking their medications on time. Other people fail to see that they have a coverage plan in place for when they go out of work. Many people fail to purchase a health insurance plan at all and accept whatever health insurance company they are given.
As long as you stay on top of your health insurance coverage, there should be few health insurance collections issues. If you need more assistance, you can get it from your health insurance carrier. They may have special finance people who can help you with health insurance collections issues. Ask your health insurance provider what they offer for help with health insurance collections.
Health insurance collections can be very frustrating. If you’re not organized, you can easily miss deadlines and miss a payment on premiums. If you are organized and on time with your payments, however, health insurance collections can be easy and painless. The best solution is to have a plan in place for health insurance collections so that nothing gets out of whack.