Everyone is having the time of their life unless they fall sick. You never know when what kind of health issues may crop up. The reality is all around you. Youngsters, kids, teenagers as well as a seemingly healthy person, falling prey to dreaded diseases like cancer, or stroke. With most people employed in private jobs, job security and pay are some of the major concerns at stake. In such a scenario, falling ill is something that you just cannot afford due to rising medical expenses being a well-known fact. Hence, it makes sense for people to opt for health insurance for not just themselves but also their family.
Types of Health Insurance
Whenever you need any financial assistance for your health care, health insurance comes to your aid. You don’t have to pay the full cost of the medical services when you fall sick or are injured. Depending on your health insurance plan, you will be insured for a portion of the medical costs incurred. Different types of health insurances are available and depending on your requirements. You can purchase additional insurance plans to cover your needs. Know more about the different types of insurances apart from health insurance, which includes –
- Prescription drugs
Who Should Opt for Health Insurance?
To be frank, anyone and everyone should opt for health insurance. Many of us know of people who are diagnosed and treated for diseases/disorders which are nowhere age-related. Since age is no longer a criteria for any disease, you must be prepared to deal with any curveball that is thrown towards you. From a doctor’s visit to emergencies and hospital stay as well as procedures, various health insurance policies cover a number of medical aspects as well as expenditures. Since medical care, including tests and procedures, are expensive, taking a health insurance policy helps you safeguard against a lot of expenditure.
As age advances, many health issues like diabetes, hypertension etc. crop up. These are lifestyle related disorders or may be hereditary, which may cause some difficulty in getting insured. However, insurance companies cannot deny coverage to anyone for a pre-existing disorder. So, if you wish to buy health insurance for your elderly parents who are diabetic or suffering from heart disorders, you might need to pay a bit more.
How to Choose the Best Health Insurance Plan?
Currently, there are a number of options in terms of health insurance plans. Generally, people wish to opt for the best facilities at the lowest possible price. However, there is always a catch in these things. You need to prioritise your needs before opting for any health insurance plan. Take note of the things covered in the insurance plan (dental, vision, alternative therapies etc.) as well as different aspects of the plan itself. You can choose from among the 3 most popular options – indemnity managed care & consumer-driven health plans.
Indemnity Plan: Also known as reimbursement plan, in this case, you pay the bills directly and then send your claim to the insurance company. A pre-decided part of the claim is paid back to you. Generally, annual physical exams or preventive care are not covered here.
Managed Care Plan: In this case, health insurance companies negotiate a contract with healthcare providers/hospitals to provide care at lower costs. Generally, such insurances are offered through employers.
Consumer-Driven Health Plan: You can set aside a certain sum of money in your health insurance saving account. You can use this money to cover your health care costs.