Health Insurance is a policy that provides payment benefit to an individual after an injury or sickness. Insurer develops a routine finance plan to pay the health care premiums. The cover includes assurance for accidents, disability, medical expenses, and death.
The health policy covers various things including hospital stays, exclusive drugs, surgical procedures, and scans. It caters for costs of seeing an external consultant or specialist for outpatient treatments. The plan is also useful for inpatient treatment as it pays for the hospital bed and related expenses. Both in inpatients and outpatients use the insurance to pay for the whole or part of their medical bill.
How the Insurance Works
An insurer must pay their dues after a given time interval. Insurance companies group the contributors according to their premiums. All plan members must send their contributions even if they have no medical bill to clear. In case of an accident, the contributor will not pay the actual treatment cost as the insurance provider will cater for the expenses.
Types of Medical Coverage
Health Insurance comes in two types, that is, moratorium and full health underwriting. With moratorium underwriting, an individual gives limited details about their medical condition to the provider. An insurance firm will not cover past costs incurred while receiving treatments or taking medication. The terms of a plan determine whether the provider will cover the health condition.
A full medical underwriting requires one to provide detailed information about their medical history when applying. The coverage depends on the insurance company and their terms. Insurance providers must write to your doctor to obtain details about your health condition. Customers who are above 75 years enjoy the full underwriting cover. Various specialist plans are available such as those for patients of a particular age or specific diseases.
Medical Insurance Benefits
Insurance companies pool funds from various customers to finance a sick contributor. Insured patients enjoy better hospital facilities like private wards. They can choose a hospital from a range of several covered centers. The cover gives an individual power to decide on treatments and appointments. Such patients receive a fast diagnosis, prescriptions, and preventive care.