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Insurance Guide - Pick Your Health Plan


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 Insurance Guide - Pick Your Health Plan
Insurance Guide - Pick Your Health Plan

Insurance Guide - Pick Your Health Plan

Health is very crucial for every individual that needs very keen attention. Anything canít be achieved without the good health. A person can achieve anything in his life only if he is healthy. In the olden days, enough infrastructure and mechanism that could treat all the diseases was absent. But, the present generation is too lucky to have the latest highly sophisticated technology that could almost many diseases. There has been rapid growth in the health care system. People of these times can receive the world class health care services with the best quality of services.

All the above aspects to constitute one face of the coin. The other face is too different. The health care, prescription drugs, hospitalization services have become too difficult to afford. There has been a terrible increment in the medical costs. The costs have been growing out to sky high. Additionally, the new life style of the individuals is making the people more likely to get diseases and ill health. So, the need for hospitalization for the individuals is also increasing. All these together have contributed to the growth in medical costs.

The health sector has gone under the clutches of corporate world in most of the countries throughout the world. Even though they are offering the best quality of services they are charging relatively higher amount. In the present rescission period, if a common incurs any medical emergency the things have emerged in such a way that he may need to forego all his assets and might even be thrown into the debts. Such medical expenses would ruin the financial position of his family to a great extent.

So, there arises a need to shield the common man from the burden of medical expenses. Where there comes a problem, there comes a business solution. The insurance companies have entered into the market to solve the problem. The insurance companies by tying up with the hospitals have come up with certain innovative plans to solve the needs of the customers. There are various plans that could assist a person in meeting his medical expenses effectively.

There are various plans offered by the companies in association with the hospitals. They do charge a certain amount as the premium for providing such medical assistance. Some of the types of the plans are given below.

  • Joining in a Health Maintenance Organization i.e., HMO
  • Joining in a Preferred Provider Organization i.e., PPO
  • Joining in a medical re-imbursement plan

The people have number of plans to choose from. They have numerous choices in the medical insurance plans. One can choose a policy that best meets his medical requirement and is affordable to him at a cheaper cost.

The following factors are usually considered by a person before choosing a plan among the available plans.

  • The medical history of an individual
  • The details of existing ailments
  • The financial ability of a person to afford the premium amount
  • The details of existing coverage to a person
  • The present health condition of the individual
  • Other personal factors pertaining to an individual

The Details of an HMO Plan

These plans are highly popular in the United States of America. Here, the insurance company would go into agreement with various hospitals as well as the doctors throughout the state. Once the hospital or the doctor agrees to the terms and the conditions of the insurance company it would become one of the network hospitals or network doctors of the company. Thus the insurance company would be going on adding the hospitals and doctors to its network hospitals list. Finally it could have a huge number of hospitals and doctors in its network hospitals and network doctors list.

The customers are required to pay certain amount as the premium for joining these plans. The amount is to be paid in periodical intervals mostly in monthly intervals i.e., once in a month. Once the customers joins the policy and goes on paying the premium amount, they would enjoy the benefits of the policy. Here, the HMO would play the role of both the health care as well as the insurance company.

The benefits of the policy would include the discounted treatment or free treatment to its customers in the network hospitals and at the network doctors. This would depend on the nature of the policy opted by the customer. The customers can avail the treatment in those network hospitals or at the network hospitals without paying any cost in the most cases. This could reduce the medical expenses of the people to a comparatively greater extent.

As the premium payable is quite low when compared to the benefits availed from the policy, there has been a tremendous response to these plans in the United States. Almost every third individual out of every three individuals is a subscriber of these policies. This indicates that nearly 33.33% of the United States citizens are the people under this policy. This has amounted to an average of one and half crores of people subscribing to this plan. The premium also has been a part of the motivating factor that has led the people towards these plans.

Re-Imbursement type of Policies

These policies are completely different when compared to the above specified plans. Here, there would be no network hospitals or the doctors. The customers are given an option to take the treatment at any of the hospitals or at any of the doctors of their own choice. Then the company would pay them an amount for the treatment. Usually, the companies would pay them a portion of the expenses incurred by the customers.

The companies would charge certain amount as the premium for providing this service to the customers. Even in this type of plans there are many more variety of plans. The amount of re-imbursement amount would depend on the type of policy opted and premium paid by the person.

These types of plans are highly advantageous to the people. Because certain companies offer only a specific type of options like limited network hospitals or the limited network doctors to the customers. Some people may not feel comfortable with that hospitals or the hospital or the doctor may not provide the treatment for his existing ailment. In that cases the former policy may not serve his purpose to any extent. If it your own choice to choose a hospital you can a hospital or the doctor with proven excellence and best quality.

So, in the above case this policy is likely to be a better option for the people. So, these sections of people are much interested in this re-imbursement type of policy. The premium payable would depend on the coverage expected by the customer and expected percentage of coverage. However, the premium and the benefits differ from company to company.

Want to Design Your Own Plan?

Apart from the above plans there are various other plans too that are available to the people of United States. They include the plans like medicare or the traditional re-imbursement policies or even being covered by an employer or by the Union.

The medi-care plans have attained the utter most importance in these days. There are various options available in a medicare plan. There are certain traditional medi-care plans that offer the free coverage to the senior citizens of the United States with the assistance from the federal government.

There would be various other options to the people in the medicare plans. To say in fact, the people can choose the benefits required by them and design a customized plan that could meet the requirements of the person. The premium would be based on the additional benefits opted by the customers

There are certain plans that could provide the benefits of traditional medicare plans aided by the federal govt. along with the additional benefits. The customers would be required to pay only for the additional benefits because the rest, i.e., basic coverage would be aided by the federal govt.

Some of the benefits offered under the policy are mentioned below

  • The coverage for the prescription drugs
  • The coverage for health care services beyond the limit
  • The coverage for the health care availed at the home
  • The coverage of insurance benefits during the travels
  • The coverage for additional or specific diseases and many more

How to choose a policy?

The policy should be selected by determining your present health conditions, health history, ability to afford the premium amounts, additional coverage required and many other factors that vary from person to person.

What to Select?

The options or the benefits must be clearly estimated to the possible extent. In the case, you are not a person making frequent travels then the travel insurance coverage would be no way a good option for you. So, you can eliminate this benefit from the benefits list required to you. Likewise if you eliminate the unnecessary benefits then you can keep on minimizing your premium amount. These efforts would be capable of reducing your monthly burden to a considerable extent.

How to Buy a Best Policy?

One needs to clearly determine his requirements and find a best plan available in the market to meet your requirements. There are various websites online that could serve your purpose. They can guide you with the details of available plans available in the market providing your designed requirements.

You need to choose a best plan that offers additional benefits with a low cost. The policy should be capable of catering your requirements effectively.

Be careful in choosing a company. Because even a plan provides the best benefits with cheaper costs it may not serve your purpose if the company fails to serve you properly. Always keep in mind the history of the company in solving the claims, experience of the company, expertise of the company, network hospitals or network doctors of the company etc. Always choose a company that best services even if it may cause you certain some additional expenditure.

So, be careful in choosing a best company and be secured about your health. A best health insurance policy is capable reducing your medical expenditure to a considerable extent. The policies do always charge less and offer more.

So, have a best policy and lead a best and healthy life.

Insurance Guide - Pick Your Health Plan


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