Good health is an invaluable asset to any individual. Like many others, you would love to invest a significant amount of money to get fit and healthy. So, it doesn’t make sense to think for long when it comes to buying a health insurance policy to protect you and your family against the medical expenses incurred by major health issues. Health insurance plans are specially designed to provide you with the financial security when you are under any severe treatment. They come to you as a real help when you are surrounded by the rising hospital bills and doctor’s fees.
Right health coverage ensures that you will get the proper medical attention when you need it the most. They enable you to bear the cost of different activities like visiting to your doctor for regular medical check-ups, attending critical surgeries, and taking even emergency treatments.
Types of Plans:
There are two types of health insurance plans provided by many insurers – The indemnity plan and the managed care plan
Indemnity Plan – Also known as the fee for service plans, indemnity policies provide users with the wider flexibility and freedom under which a policyholder can choose a doctor, hospital, and other medical service provider of his choice. Illnesses and accidents are covered under this kind of plan, which doesn’t include the preventive care like birth control and flu shots.
Managed Care Plan – These health insurance plans differ from the previous ones in terms of many ways. Under this coverage, only those who have contracts with the Health Maintenance Organization are entitled to choose doctors, specialists, healthcare facilities, and other medical service provider. This plan also covers the mental health treatment and preventive care.
Here are some important terms along with their meanings which are primarily used in health insurance:
Deductible – A minimum amount which you have to pay to the insurers for the medical expenses before your plan begins. They are made annually.
Allowable fee – This is known as the maximum amount an insurance company pays for a medical procedure.
Fee-For-Service Plan – Under this coverage a policy seeker can ask for a doctor or specialist of his choice. It includes payment of deductibles and co-payments or co-insurance.
Flexible Spending Account – It works well when it comes to allowing policy seekers to pay for the hospital bills that are not covered by the policy like co-payments and deductibles.
Co-Payment – Policy holders are asked to pay a fixed sum in order to avail the medical services under some insurance plans. This is known as the co-payments. Higher co-payments are liable to be paid by the insured while getting the expensive medical procedures.
Co-Insurance – There are several insurers who ask the insured to pay a certain percentage of the expenditure of covered healthcare services. In general, it varies between 20 and 30 %.
Schedule of Allowance – It can be defined in the form of the sum your plan covers for each health procedures.
Where to find a Health Plan?
If you are seriously looking forward to buy a health policy for you and your family, then you can use the internet service and get the most suitable health insurance online. It is much convenient there to find the affordable health insurance of your choice.
Deepak k. Sehrawat is an insurance expert who has extensive knowledge about insurance industry. He typically loves to write and inform people about different aspects of health insurance in India. For more information about insurance plans, visit here:
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