Health insurance or medical insurance basically covers a portion or the complete risk of an individual incurring particular medical expenses. Like other forms of insurance, however, health insurance is also risk among many people. If you are unsure of whether or not to get health insurance, you should be aware that it is always better to be safe than sorry. You never know when a serious illness or accident may strike you or a family member and the only way to ensure that you are well protected is by making sure that you have a health insurance policy in force.
There are several types of health insurance plans available depending on what level of coverage you want. Most basic plans will cover some form of doctor’s office visits, emergency room visits and some pharmaceutical expenses. Depending on the type of plan, you may be able to get prescription drug coverage in addition to your doctor visits and prescription drugs. There are plans that offer no deductibles, which means that all of the costs of your illness will be paid for out-of-pocket. Another type of health insurance plans are managed care plans, which provide health insurance to policyholders who use healthcare providers in a structured manner. For instance, you pay into a monthly health plan and your doctors visit, receive medical attention and take appropriate action regarding any illnesses.
Out-of-pocket expenses can be significant for a policyholder with long-standing illnesses and require frequent doctor visits and hospitalization. For this reason, policyholders should ensure that they can afford to pay all necessary expenses in full during the period when they have an illness or other medical condition. Some policies may offer coverage for specific illnesses such as those that include cancer and heart disease; unfortunately, not every illness or condition is covered. Policyholders should ensure that they read the fine print of any policy they are considering, including the co-payments, deductibles, coinsurance percentages and maximum benefits, so that they know what to expect and how to manage their finances during the period they have to undergo medical treatment.
Policyholders should also consider the difference between the premiums charged by various health insurance covers and the actual costs associated with illness. Some policies will offer a high deductible for illness while others will charge premiums based on the level of cover (i.e. catastrophic coverage) that a policyholder elect to maintain. The best way to find out the true costs associated with illness is to contact an independent insurance agent who can assess your personal circumstances and then set up a payment plan to suit your budget. Most agents will have a range of plans available, and will be able to make recommendations that best meet your health care needs while still providing you with peace of mind.
The family is one of the most important factors involved in deciding on a health insurance plan that will meet your needs. Make sure that you consider the health needs of your spouse and family members. This includes consideration of children who may become a family floater. If you or a family member is considered a family floater, it may not be financially feasible to take out health cover that offers a high amount of coverage. Instead, consider taking out a policy that provides emergency coverage as well as normal family benefits such as dental care, vision care, etc. This will ensure that even if a member of your family becomes very ill that emergency care will be paid for.
Lastly, ensure that the health insurance plan that you are looking at meets your individual needs for coverage. For example, a family floater may not need to take out a special plan for illness that an individual with an average age may require. Likewise, someone with a history of cancer may not require a benefit plan that includes prescription coverage for treatment that has been prescribed against their illness. It is important to understand that each person’s needs are different and that only a qualified professional can determine which health insurance plan will be the most beneficial to you and your family.