Take simple steps to enhance your financial well-being, such as setting goals, budgeting, investing smartly, and reviewing your insurance to secure a stable financial future.
Insurance for health is kind of insurance policy that allows you to deal with the costs of medical costs and healthcare. If you are covered by health insurance the insurance provider pays either a portion or the total amount of your medical expenses in accordance with the conditions that the insurance policy. This protection from financial risk ensures you are able to access medical services without the entire costs. Health insurance plans are able to provide a variety of healthcare services, such as doctor visits, hospitalizations as well as surgeries, medications and preventive treatment, depending on the particular plan you select.
A. Indemnity Plan
An indemnity health insurance policy is also known as a fee-for-service policy allows you to select your health care providers and the services you receive. The plan pays for medical expenses in advance and you then file a claim with the insurance company to receive reimbursement according to the plan’s coverage limitations. This option is flexible however it requires a lot of paperwork to manage and more expensive out-of-pocket expenses.
B. Fixed Benefit Plan
Fixed benefit insurance policy offers pre-determined payouts for specific medical conditions like hospitalization, surgery or serious ailments. The plan provides a set amount, regardless of the medical costs that are incurred. It simplifies the process and helps pay for specific expenses however, it is not able to pay for all medical expenses.
Health insurance covers a variety of healthcare expenses and medical services. These can be different according to the specific plan you select. In general, health insurance will provide:
⦿ Hospitalization: Stays in hospital costs, room and expenses for surgery.
⦿ outpatient care Visits to the doctor and diagnostics, as well as consultations.
⦿ Medical Treatment Prescription drugs and other medicines.
⦿ Emergency Care: ER visits, urgent care, ambulance services.
⦿ The Health The following are a few of them: Screenings, vaccinations and wellness checks.
⦿ Expert Service Expert consultations and treatments.
⦿ Maternity Care: Prenatal, childbirth, postnatal care.
⦿ Diagnostic Tests: Lab tests, X-rays, imaging.
⦿ Mental health Therapy, counseling psychotherapy, psychiatric services.
⦿ Premium Premium: The amount you pay to get the insurance coverage.
⦿ Deductible The initial amount you pay before your insurance coverage begins.
⦿ Co(Copay) payments (Co-pay) A set amount that you pay for every medical treatment.
⦿ Network List of approved hospitals, doctors and health care providers.
⦿ Claim Claim: Request payment when you make use of the insurance protection.
⦿ Pre-existing condition A health problem that was present prior to obtaining the insurance.
⦿ Exclusion Treatments or situations that are not covered by insurance.
⦿ policy limit The maximum amount an insurance company will pay in an insurance claim.