When it comes to your health and your wallet, it's best to have a clear picture. The good news is that you don't need to be an expert to know all the key points of a medical insurance policy. This wasn't explained to you in Grey's Anatomy. What is medical insurance? Salvador Alonso pointed out that it is a contract that protects you financially. The policy works as a financial backup: you pay a premium, and in exchange, the insurance company covers most of your medical expenses, from consultations to hospitalization. The difference is clear: without insurance, you pay for everything; with insurance, you only cover a portion, between the deductible and coinsurance. You pay a monthly or annual premium, and in exchange, the insurance company will cover most of the medical expenses that arise when you get sick or have an accident, from consultations to hospitalization. It's not an expense, it's an investment in peace of mind. Condusef explains its importance as follows: 'Taking out medical insurance prevents you from getting into debt and putting your financial stability at risk; it supports you in case of an accident or illness, as long as it is covered'. Key points of medical insurance Through a special article, shared with Publimetro, the director of Banorte Insurance highlighted the following key points: Premium: what you pay for your insurance. Total: 19,000 pesos. The insurance covers a total of 81,000 pesos. Translation into Spanish 'without weird terms': 'Without insurance, you pay 100,000 for hospitalization. With insurance, you shell out 19,000 pesos.' 'In other words, the insurance doesn't eliminate the expense... but it prevents your hospital bill from being movie-villain level,' emphasized the Banorte executive. And why should this matter to you? Because no one plans to get sick, and we are all exposed. Insurance helps you to: Avoid giant debts. Access better hospitals and specialists. Protect your assets and future plans; like travel, a house, a business, studies, etc. 'Today there are accessible and flexible options, such as Banorte's Medical Expense Insurance, designed to adapt to different stages of life. Without insurance, hospitalization becomes an expense that few can pay all at once. Think of it as your subscription to life without financial scares. Deductible: when you have a claim, it is the specific amount you cover before the insurance starts to pay. Coinsurance: it is the percentage you share with the insurance company after the deductible. Sum insured: it is the maximum amount of medical expenses that your insurance covers. Hospital network: these are the hospitals and doctors where you can be treated. Coverage: it defines what diseases, treatments, and services are included in your policy. Waiting times in detail The executive pointed out that waiting periods are a time that must pass after taking out your major medical insurance for some diseases or treatments to start being covered. Simply put: Even if you already have your insurance active, not everything is covered from day one. Some things require a certain amount of time to pass before the insurance will pay for them. These periods exist so that insurance is not taken out only when the person already knows they need a specific treatment. Example: You take out your insurance, and in three months you need a hernia surgery, but that surgery has a 12-month waiting period. What happens? The insurance won't cover it, because the necessary time hasn't passed yet. Real example of medical insurance The bank specialist tells you 'imagine you have an insurance with these conditions': Deductible: 10,000 pesos. Coinsurance: 10%. Sum insured: high, don't worry about the cap in this case. What happened to you? You were hospitalized, and the total bill is 100,000 pesos. Here's how it breaks down: First, you pay the deductible: You cover the first 10,000 pesos. Then the coinsurance kicks in: After the deductible, there is a bill for 90,000 pesos, and from this last figure, you pay 10%, that is, nine thousand more pesos in coinsurance. How much does the insurance company pay? You pay: 10,000 pesos for the deductible, plus nine thousand pesos of coinsurance. Knowing what is covered, how much you pay, and when it applies can prevent large debts and protect your assets. Because insurance doesn't eliminate the expense, but it does prevent it from becoming an unpayable problem. The director of Banorte Insurance, Salvador Alonso y Caloca, explained that there comes a moment in life when you go from 'hahaha memes' to 'what is my deductible?'... Congratulations! Understanding how it works changes everything. That is, you don't have to be a millionaire or a financial expert to have one; you can find coverages that fit your budget and needs,' concluded Salvador Alonso. When this happens, you are officially an adult. 'And yes, we know that understanding insurance can be complicated. An illness not only takes down your health, it can also break your wallet. Why?'
