Health Insurance
Health insurance means insurance against loss by illness or bodily injury. provides coverage for medicine, doctor visits, emergency needs, hospital stays and other medical expenses. Insurance policies differ according to the size of the coverage, amount of deductible amount, limits of coverage and the options for treatment available to the policy holder. The types of health insurance can be divided into two categories:
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1. Group Health Insurance: Group health insurance is a type of policy that provides coverage to a group of people, provided they are under the same contract. For example, an employer often provides group health insurance to all his employees who are covered through the same policy. This insurance policy is available at comparatively cheaper rate.
2. Individual health plans: This is the health insurance policy which is bought by an individual from an insurance company. This is available at a comparatively higher price than group health insurance policy. Individual health plans can be again divided into two categories:
1. Managed care plans: The managed care plan intends to reduce the cost of providing health benefits and improve the quality of care. The two types of Managed care plans are Health Maintenance Organizations (HMO) and Preferred Provider Organizations (PPO). These organizations negotiate with health care providers to control costs, create financial incentives for policy holders. Policy holders have to make a monthly payment to enjoy these services.
2. Indemnity Plans: If you purchase this policy, then you can get the benefit of getting treated by your own doctor. This is also known as fee-for-service plan, wherein both the doctor and the patient can claim for the insurance.
Every penny that you earn costs a lot. When mishaps come without even letting you know, opting for health insurance would be the smartest choice. This will help you fight the unforeseen challenges life may impose on you.