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Medical Insurance Invoice Template

A medical insurance invoice is a document used by hospitals and healthcare providers to bill a patient and the patient’s medical insurance company. The invoice should detail, if any, the amount of co-pay that the patient pays out-of-pocket. It should also include the type of treatments/services the patient underwent.

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Table of Contents

What is Medical Insurance?

Medical insurance, or health insurance, is a premium offered by a health insurance company that guarantees to pay for medical expenses if the purchaser falls ill in any way. Due to the high cost of medical services, if a sudden health risk were to occur, having insurance prevents a person from falling into debt or even worse bankruptcy due to massive medical bills that they can’t afford. Medical insurance is typically provided through a person’s employer or it’s bought privately which is how most people obtain health insurance.

How Much is Medical Insurance?

The cost of medical insurance depends based on 4 factors: Coinsurance, Copay, Deductible, and the Premium. Getting a quote is the first step when evaluating the cost of medical insurance. The price of a health insurance plan is fixed by law and pre-existing medical conditions can not prevent an individual from getting coverage when applied for during open enrollment.

To keep costs affordable, most people pay their premiums on a monthly basis, with an average of $400 per month.

Cheap Medical Insurance – In order for medical insurance to be cheap, an individual needs to buy a plan for emergency purposes only. To achieve this, their deductible and copay will be very high but their monthly payments (premiums) will be very low. For example – an individual goes to the hospital and gets surgery that ends up costing $60,000 dollars. Their insurance company ends up paying for $40,000 dollars while the individual pays $20,000 due to the high deductible.

Expensive Medical Insurance – The higher the premium (monthly payment) the better your medical insurance will be. If you are a person prone to injury or illness, having a plan with a low deductible is important if you can afford the $600+ payment every month.

How to Get Medical Insurance?

An individual’s medical insurance typically needs to be renewed every year. Before buying medical insurance, an individual needs to decide the type of policy plan best suits their needs. Finding medical insurance can happen in a multiple of ways: (1) Via the Government through their Health Insurance Marketplace or if you qualify, Medicare, Medicaid, or the Children’s Health Insurance Program (CHIP) are good options. (2) Through a private company. (3) Access a group coverage plan through an employer or a spouse. (4) If under the age of 26, an individual can be added to their parent’s medical insurance plan. Through the government’s ACA (Affordable Care Act), people can obtain medical insurance during the open enrollment period which happens in November of each year.

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