Health insurance is a comprehensive insurance which covers a portion or the entire risk of an individual spreading the risk amongst several other persons, thereby covering the costs of medical expenses. Health insurance also known as health maintenance insurance, health insurance or group insurance, is designed to cover a group of people or an individual. The group may be made up of employees of a company or the members of a homeowner’s association or civic organization. Health insurance also covers individuals who are self-employed.
There are various types of health insurance plans available in the market. They cover the costs of hospitalisation (both minor and major), surgery, dental care, dental implants, physiotherapy, disability support, maternity leave and disability income. Health insurance covers the risks from diseases such as cancer, diabetes, heart disease, asthma, high blood pressure, stroke, skin diseases and obesity. It also covers a wide range of injuries resulting from work-related accidents and also the costs of treating an illness or injury that results from work.
A number of such health insurance plans include Long term care insurance plans, Health savings accounts, dental benefit plans, Disability income plans and Personal accident benefits plans. The Long term care insurance plan allows for the deferment of hospitalisation expenses up to a certain limit after attaining the age of 65. This plan covers expenses like: nursing home care, assisted living facility and nursing home care and the deductibles and maximum benefits are paid only when you use them.
Health insurance is a type of insurance coverage, which pays a sum insured amount to the insured for all the expenses incurred by the insured. The insured sum is calculated on the basis of a number of factors. The first one is the age of the insured person. The other factors considered for determining the out-of-pocket amount for health plan are the age and health conditions of the insured. It is mandatory in most of the states to have health insurance. Most of the people are either unemployed or self-employed. So, having insurance is essential.
Health insurance companies offer many options. But you must choose the best suited coverage that covers your needs and fits your budget. Different plans cover different aspects of medical expenses. You must pay careful attention to understand the terms and conditions and check all the terms and conditions carefully before paying the insurance premiums.