Health insurance is the most important type of insurance that one can carry. Health insurance is meant to cater to your medical costs in case you fall sick and need medical attention. There are around 46 million people in the United States that do not have medical insurance cover. Unexpected medical bills can catch you off guard and can have a very devastating impact on your life.
The purpose of having medical coverage is to help you pay for healthcare. It protects you and your family from financial woes in the event of abrupt serious injury or illness. Nobody knows when calamity may strike, and it is very unpredictable. You sleep in peace knowing that you have insurance and if anything happens, your insurance will pay for you. You should not wait till you or your family member falls sick to take health insurance.
Until recent years, most people used to get their health insurance from their employers. Those with low incomes used to get insurance from the government. People have come to the realization that private health insurance is better and covers more. Private health insurance can be tailor-made to suit specific individuals and their needs. Good and respectable health insurance agencies have set camp. Here are some of the available types of health insurance available:
HMO means Health Maintenance Organization. This is a specific type of health insurance that sets out guidelines through which doctors can operate. They give specific instructions and what and what not to do to the patient. On average, healthcare coverage through HMO plans is cheaper than traditional health insurance.
Major Medical Plans
This provides immunity from having to foot the bill for most types of medical expenses that may be incurred. These plans offer complete coverage of medical costs with few gaps. They cover a very broad range of medical expenses and can be used to settle bills any time you find yourself in the hospital. They also cover for bills that are incurred out of the hospital, such as ambulance costs. These plans have higher individual benefits, and the policy has a set maximum limit of costs they can cover.
Most insurance you can find in the market are major medical plans. There are few hospitals and surgical plans in the market. Surgical health plans do not cover most medical expenses. As the name suggests, they mainly cover costs related to surgery. These plans are rather cheaper than the major medical plans.
Dread Disease Policies
These policies are often called ‘cancer policies’. These policies cover one or more dread diseases. A dread disease is a chronic disease. Chronic diseases are hard to get rid of, and some stay with you until your death. Dread diseases automatically put you in a tight position financially as you have to cover for medical costs. A dread disease policy is used to cater for expenses that arise due to infection of a dread disease such as cancer or heart disease. These chronic diseases are hard to treat and sum up very expensive medical bills.
A hospital indemnity plan is set up such that you get a benefit each day you spend in hospital. Staying in hospital renders one incapable of making money, this plan is set to make you earn money while you sit in hospital. The benefit is paid to you without regard to any hospital expenses incurred and is an entirely different entity. The reward is triggered after you have been confined to a hospital as an inpatient. This is a good plan, especially for people who rely on the income they earn daily from their business or work.
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