Medical Insurance

Medical Insurance

Medical Insurance

Medical Insurance is the cover that pays for all or part of a person’s unforeseen expenses caused due to illness or bodily injury. The term medical insurance is generally used to describe a form of indemnity that pays for medical expenses.

The insured would first have to pay a sum of money yearly, for cover of his medical costs. This fixed sum is called the deductible. An estimate of overall risk of healthcare expenses is done after which a routine finance structure (such as a monthly premium or annual tax) is developed which ensures that money is available to pay for the healthcare benefits specified in the insurance agreement. The medical insurance industry is generally administered by a central organization, most often either a government agency or a private or not-for-profit business entity operating a health. The medical insurance policies differ on the basis of size of the deductible, limits of coverage and the options for treatment available for the insured. There can be plans such as health plans, individual plans, workers' compensation, and government health plans. Medical insurance coverage should be a top priority taking into account the strengthening expenses in health care and the consequent pressure on the treating patients.

Different states have different types of medical insurance. Some of these are:

Catastrophic medical insurance is one of the least expensive forms of health insurance. These policies are beneficial only for those who handle regular illness and hospitalizations. A fixed amount, known as deductibles, is paid out by the individual before insurance begins paying, are generally large for these types of policies.
Pos or Point of service plan you will have to choose a primary care physician from within the network of medical service providers. He would be your point of service and monitoring your healthcare and is your Point of Service. He could make a recommendation to a doctor from outside the network, but then you would be entitled to only a part of reimbursement.

Health Maintenance Organization (HMO) greatly confine to a patient who may see for non-emergency medical services. The advantage is considerably lower premium.
Short-term medical insurance is purchased for a specific period of time. It is similar to term life insurance. Short-term medical insurance often comes with strict qualifying procedures and may not cover pre-existing medical conditions.

A Preferred Provider Organization (PPO) is a plan where medical treatment is fully covered only if the treatment is provided by a doctor or hospital which belongs to the PPO's network of health care providers. Treatment performed outside the network is also covered, but at a reduced rate.

One of the major reasons for increase in demand of medical insurance is due to the swelling medical expenses which are beyond the reach of the common man. Hence having a medical insurance assures you and your family to rest in peace even if a sudden illness strikes. Moreover you are assured of high quality private care from the hospital that best suits you from the appropriate hospital listing.


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