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Know About Health Insurance Basic

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 Know About Health Insurance Basic
Know About Health Insurance Basic

Know About Health Insurance Basic

American citizens usually find it tough to understand even basic health insurance due to numerous factors that keep altering, making it complicated. Though, state governments do have control over the working of health insurance industry. However, you should know that they don't regulate supplemental non-insurance products (like health discount plans). And while shopping for health insurance cover; be sure, you are carefully evaluating factors that can influence your plan.

Understanding Workings of Health Insurance

Private health insurers, by providing insurance, make sure that people at least get access to basic health care. Plans provide assurance to insurers that their members will be able to afford the services and can pay the expenses within the reasonable amount of time.

Health insurance covers also protect its members from potentially high expenses of medical treatment. For example: medical expenses can be overwhelming if you become extremely ill suddenly. But health cover can protect you from such nasty experience. Health insurance makes health services more predictable, affordable and manageable as the risk of expensive healthcare requirements is pooled across large group of people.

Hence, most people cannot afford not to have health coverage. Health insurance can be expensive, but before dismissing buying the plan, do think about expenses that can overwhelm your savings in the event of a minor accident or illness. Healthcare can also financially ruin you if you end up needing bypass surgery as it very expensive, plus medical needs before and after procedure also adds up.

Who Provides Health Insurance?


Licensed Health Insurance Providers

Publicly traded health insurance companies (owned by stockholders) and mutual health insurance companies (owned by the policyholders) are licensed providers of health insurance. Blue Cross and Blue Shield companies are also state licensed insurers. These programs have started as non-profit organizations under state hospital (Blue Cross) and state medical (Blue Shield) organizations. Blue Cross Blue Shield organizations are now (with few exceptions) normal commercial health insurance companies and are using the Blue Cross, Blue Shield name.

About Self-Funded Employee Health Plans

Generally, employers and employee organizations sponsor self-funded health plans for employees and these plans work almost similar to state licensed insurers. While some companies administer their own plans but there others, who contract outside health insurance providers or HMO companies to provide cover.

Know About Health Insurance Basic


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