Why You Need Health Insurance
Health insurance is an essential insurance which covers a certain portion or all of a person's risk involved in incurring personal medical expenses, spread over several individuals. In general, insurance companies sell health insurance to protect the economic interests of insurance policyholders. Health insurance can either be sold on an individual basis, or in groups as part of a group plan. There are also group health plans that offer cheaper insurance premiums than those offered individually. View here to read more.
Health care insurance companies can be divided into three categories according to the level of their profitability. Group A: These companies have many employees and so the costs per employee are high. Group B: These companies have fewer employees but their costs per employee are low because they have a smaller number of clients. Group C: There is no limit to how many employees can be insured by a group health insurance plan.
The most basic health insurance covers illness and injury. Illness coverage will pay for doctor visits, hospitalization, and other relevant medical care related to a covered illness. This type of health benefits coverage may not always pay for the full expense of a covered illness or injury. If the insured illness or injury requires surgery, recovery, or specialized treatment, the full cost of these medical care items will also be covered by the health benefits coverage. However, coverage of medical care related to disability is limited to a particular period during which the disability began or for which it is taking effect.
Medicare and Medicaid are two of the most popular programs that provide health insurance to senior citizens. Medicare is a program run under the federal Social Security Act. It serves old-age people with disabilities, providing them with health care benefits. Medicaid is a jointly operated program run by federal and state governments, providing medical care benefits to people who fall within its income range.
In addition to Medicare and Medicaid, there are other private health insurance plans available to people with lower incomes. A few of these options are supplemental security income (SSI) and social security disability. SSI is for people who are disabled and cannot work because of a physical disability. It pays medical expenses up to the maximum amount allowed by the Social Security Act. SSI has two parts, including the monthly benefit payments and disability insurance benefits. Social Security Disability Insurance pays a percentage of the monthly medical bills and is meant to provide long-term care assistance to the disabled person with a disability.
Before buying any health care insurance plan, it is best to shop around and compare the various plans offered by different insurance companies. A person should check out health care providers in his or her area, depending on whether he or she lives in an area that is medically active or not. The internet can also be a useful resource for information on various insurance policies that are designed to suit all kinds of budgets. For instance, some health care plans are made especially for the self-employed or for people who have specific medical conditions that may lead to financial burdens. See more here!
For added information, see at https://en.wikipedia.org/wiki/Health_insurance
