Pros and Cons of a High Deductible

Pros and cons of a high deductibleFiguring out how to pay for rehab for addiction to Xanax usually means understanding insurance coverage. For many Americans Obamacare is a key piece of that puzzle.

Health Insurance 101

It is difficult to say just what kind of health insurance is best for you. A myriad of factors make a plan the best fit. The first step is to understand basic terms. Several outlined by the Wall Street Journal include the following:

  • Health Management Organization (HMO) – This is a plan that gives patients coverage within a network of doctors. A primary care physician acts as the main doctor and issues referrals to specialists as needed. As the cheapest option, HMOs do not cover costs of seeing a doctor who is outside of the organization’s network of physicians.
  • Preferred Provider Organization (PPO) – A network of physicians and specialists have worked out a negotiated rate with your insurer in this type of plan. These grant greater flexibility but typically entail higher copayment costs.
  • Exclusive Provider Organization (EPO) – This option is similar to an HMO but connects the client to a national network as opposed to a regional one.
  • Point of Service (POS) – This is essentially an HMO that allows you to see out-of-network physicians. You must still have an in-network primary-care physician and consult him or her for referrals. If you see an out of network physician, however, the plan covers some of the costs.
  • High Deductible/Catastrophic/Safety Net Plan – This option is for individuals who do not need or cannot afford regular physician care yet still want protection in case of an emergency. Deductibles for these plans are high, but once you pass that threshold, coverage is 100% .
  • Cobra – This government program allows people who leave their job or who get laid off to continue using their previous employer’s health plan for up to 18 months after they stop working there.

Coverage under most plans does not begin until you personally pay a certain amount each year. That amount is called the deductible, and it could cost between a hundred to a couple of thousand dollars depending on your health plan. After paying your deductible, you are eligible to receive the following:

  • Coverage
  • Discounts
  • Other benefits

Other important facts about deductibles include the following:

  • They reset at the beginning of each calendar year.
  • They are not negotiable.

Unlike car insurance rates, health insurance rates are not negotiable. Additionally they cannot be changed. Once you agree to the company’s terms, they must remain the same.

Is a High Deductible Plan Right for You? How to Decide

A high deductible plan means that you must pay a large amount of your own bill before coverage begins. The payoff is lower monthly premiums. A low deductible plan means you pay more on your monthly premium but receive more reimbursements for healthcare costs sooner. Reporters at CNN Money say that high-deductible insurance plans will lower your health-care premium. The downside is that if you become seriously ill, you could take a serious financial hit. They are best suited for individuals who meet criteria including the following:

  • Young
  • Without a chronic medical condition
  • Rarely use health insurance
  • Self-employed people who can benefit from the tax advantages of a health savings account

Low deductibles are best for people who fit criteria including the following:

  • Take multiple medications
  • Have a chronic condition

Other information to remember when choosing health insurance and deductibles according to the Obama Marketplace website include the following:

  • Having health insurance can lower your costs even when you have to pay out of pocket to meet your deductible. Insurance companies negotiate their rates with providers, and you’ll pay that discounted rate. People without insurance pay, on average, twice as much for care.
  • Many health insurance plans provide some benefits before you meet the deductible.
  • Under Obamacare screenings, immunizations and other preventive services are covered without requiring you to pay your deductible.

Before entering treatment for Xanax addiction, it is important for you to have a thorough understanding of your plan’s coverage. Ten questions to ask your insurance company’s customer service representative include the following:

  1. Does my plan provide coverage for treatment of drug abuse?
  2. Do I need a referral from my doctor?
  3. Is my diagnosis covered?
  4. What type of plan do I have?
  5. Is there a difference in coverage between in-network and out-of-network care, and if so, what is it?
  6. Is there a deductible?
  7. Will there be copayments?
  8. What is my out-of-pocket (coinsurance) limit?
  9. Are there restrictions on where I can get help?
  10. How will my care be reviewed while I’m in treatment, and how will any reviews impact my coverage and treatment?

Insurance issues aside, always remember that health is your number one priority. Figuring out insurance coverage can be confusing, which is why admissions coordinators at many rehab centers offer free help to callers who seek assistance for addiction to drugs like Xanax. The important thing is to take action to stop an addiction and to pull in every resource you need to protect your life.

Recovery from Xanax Addiction

If you or someone you love struggles with addiction to Xanax, help is available. Admissions coordinators at our toll-free, 24 hour helpline can guide you to wellness. You don’t have to feel alone when help is just one phone call away. Start your recovery now.

Are you ready to seek treatment?

If you are ready to beat a Xanax addiction and start a new life in recovery then we can help. We have admission counselors standing by 24 hours a day to take your email, live chat request, or phone call to get you in the addiction treatment center that best fits your unique & specific needs.