An Overview On Health Insurance
Health is a key factor in a person's success
. It determines his productivity, and ultimately, the amount of the money he is able to make. Most people take their health for granted and suffer because of it. Preemptive care is a common way to keep healthy and nip illnesses in the bud, but with the economic conditions the way they are right now, it is becoming harder and harder to seek professional care. This is when the importance of a good health insurance plan is most directly felt.Health insurance is basically a contract between an insurance provider and an insured individual. The provider covers any significant medical expenses that an insured individual or their dependents may incur in exchange for a monthly fee called the premium. This agreement is always accompanied by terms and agreements stipulating where, when, and how much the insurance provider will pay for. These details are considered and valued when stating the premium price.
Such a valuable commodities rarely come cheap. That is why the most common and cheapest source of health insurance is the Employer Sponsored Health Insurance, which usually covers the employee and his dependents from any sudden and unexpected medical emergencies. This is the cheapest because the premium is shared by both the employer and the employee with the majority of the payments being shouldered by the employer. Besides Employer Sponsored Health Insurance, there are also Individually Purchased Insurance Plans, but these are generally expensive since the entire premium charge is handled by the insured individual.
There are many types of health insurance plans which are offered on the market, but the most common is the HMO or Health Maintenance Organization. It is an organization which provides primary care through a Primary Care Physician, or PCP (usually a General Practitioner or Family Doctor), which is chosen by the subscriber from a network of care providers who have formed a partnership with the insurance providers. If special medical care is provided, the PCP must refer the subscriber to a specialist who is also in the same network so that the HMO can provide financial aid.
Another type of Health Insurance Plan is the PPO or Preferred Provider Organization. It is different from an HMO in that you do not need to select a Primary Care Physician. Instead, you are free to choose any healthcare provider as long as they are in the network. This offers greater freedom and savings to an individual who already knows his illness and requires immediate specialist care without the hassle of having to see a general practitioner who then has to give a referral before visiting a specialist.
There are different plans available on the market, tailored to different financial situations and medical conditions, but the most common plans do not cover any pre-existing conditions or any illnesses you contracted before subscription to a healthcare plan. For people that have pre-existing conditions, there are insurance plans which aim to provide financial support for medical care, but at a higher premium rate and stricter network control.
The importance of health insurance cannot be overstated because it allows protection for both the quality of life of covered individuals and it secures their finances from any catastrophic emergencies.
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