Monday, October 06, 2008
Seriously, do you understand your insurance?
…Look at open season, when people can change policies—do you freeze in place?
…A recent market survey showed that people don’t have a clue what their policy covers until they use it—and find out the hard way.
…A company called Regence asked 961 people with insurance to define terms and calculate their bill.
…Sixty percent were wrong on half the questions.
…Four out of a hundred got 80%.
…Glossaries don’t cut it. Do you know a copay from coinsurance?
…People were also pretty trusting about their plan, saying 9 to 1 that they felt adequately protected.
…Yeah? HA’s kid was once hauled off in am ambulance and it cost $800 for a pair of gloves and what would have been a $12 cab ride (she was not out of it, just needed checking after a house fire).
…When the bill came, HA ran to the documents and could not see the ambulance ride was under the deductible, which to be honest HA did not know her kid had until they suddenly said, “You have not met your deductible.” Until then, docs etc had been paid without this arising.
…Finally, HA called—they said, “See on page 62, at the bottom, those two asterisks—that means subject to the deductible, and the ambulance was.“
…Two asterisks? They had the "ass" part right, anyway. And the "risk" part.