Health Insurance

Most people in the world do not have the financial resources to pay for extended medical care out of their own pockets. When our medical bills exceed a certain amount, we need help. This help is provided by insurance – for some people. Many people, however, either totally lack medical insurance or have inadequate coverage. Only 64 percent of those who are insured by private health insurance plans have coverage for hospitalization; 42.5 percent have coverage for surgical services, 42 percent, for X-ray and laboratory work, and only 6 percent of American have coverage for dental costs.

It’s essential for everyone to have a basic knowledge of how health insurance works. Many people never look into the exact provision of their policy until they have a problem – only to find that its coverage does not extend as far as they thought! Since there are more than 1,700 companies selling health insurance, and each company issues a number of different policies, insurance is complex. In this section, we will discuss the ABCs of health insurance to help you find way through the tangle.

Private Plans:
Most private (prepared/fee-for-service) health is provided by one of two groups non profit corporations, the best known of which is Blue Cross – Blue Shield, or profitmaking insurance companies. Both these categories offer insurance via two kinds of policies: group and individual.

Group policies account for the majority of all private insurance plans; most are offered by employer to groups of employees. Individual policies are bought by single persons, couple, or families, typically by those who do not have access to group plans.

Kind of policy:
Before you buy into a plan, be sure to read the fine print to find out of policy you are getting. This will determine how much of your medical expenses your insurance will cover. The policy should give satisfactory answer to some medical questions.

Several kinds of coverage are available, basic health insurance pays benefits for hospitalization and for medical and surgical expenses. This means that part of your hospital bill and part of your physician’s and surgeon’s fees, but only up to a given amount – will be paid by protect your from the high medical expenses that will accumulate if you are seriously injured or ill for a long time. Typically, major medical coverage is bought in addition to basic medical for an extra fee. Disability insurance pays you benefits if you are unable to work because of accident or illness.

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