Everything You Need to Know About Health Insurance
Health is perhaps the most important asset any living being could have. No matter how much money you've accrued over the years of your hard work, it could all be worthless if you do not have good health. This said, it is imperative to pursue all viable measures to ascertain one's optimal health and wellness. One way of doing so is through a health insurance policy.
What is Health Insurance?
Health insurance refers to assurance of financial aid against the dangers of incurring medical costs among policyholders. Through measurement of the overall dangers of healthcare costs of a policy applicant, an insurance company can design a specific routine finance structure. These may include the monthly premiums and payroll tax. Insurers thoroughly assess these factors to ascertain that cash is accessible to pay for the healthcare benefits pointed out in the insurance contract. The healthcare benefits are provided through a central institution like a government agency, private firm, or non-profit entity.
Benefits of Health Insurance
Many claim health insurance premiums to be very costly. However, in the long run, having a health insurance policy may be the less expensive option than staying uninsured and unprotected. If the need for healthcare or medical services arise and you are not insured, you may be looking to pay thousands of dollars worth of expenses right from your pocket.
Now, what exactly do they cover? The benefits of health insurance plans may vary from the depth of coverage they offer. In most cases, basic plans include coverage for doctor services, hospital services, lab examinations, diagnostic services like x-rays or CT-scans, mental health care for severe conditions, urgent care and ambulatory services, rehabilitation, etc.
How to Apply for Health Insurance
Applying for health insurance involves getting the best coverage for the lowest possible premiums. With some research and effort, you can find a health insurance policy that best suits your budget and health circumstances. Here are ways to apply for health insurance.
- Enlist for a health insurance provided from your work. Insurance policies provided by employers may be the cheapest one you can find. If, however, you are working at home or is a freelancer, you can also look for health insurance policies targeted to these particular groups.
- Look at the coverage under COBRA or Consolidated Omnibus Reconciliation Act of 1985 if you've previously left your company. Through COBRA, you can extend your insurance policy for 18 months above your separation schedule. Although, you will likely pay the premiums from your own money.
- Look for insurance brokers that offer health insurance plans. Compare each plan and premium. A good organization to visit is the National Association of Health Underwriters, which helps people in the U.S. find viable brokers in their area.
- Opt for a fee-service scheme. The most significant attribute of these types of plans is that you have full control over which medical practitioners you see and identify for yourself when you need to seek medical attention and care. Yet be warned that there is also a substantial out-of-pocket expense for this kind of plan, and the premiums are quite steeper than usual.
- Enlist for a facilitated care plan where your insurance company identifies which physicians you can consult. There are fundamental types of facilitated care, namely PPOs or Preferred Provider Organizations, POS or point of service, and HMOs or Health Maintenance Organizations.
- Check if the health policy benefits are restricted for preexisting conditions, or if a waiting period is in order prior full coverage is achieved. Other schemes may entirely exclude insurance coverage for preexisting health ailments.
- Lastly, browse around before choosing one. Contact differemt agents and brokers to inquire about their offered plans and premiums.