What is health insurance and how does it work?

Introduction

Taking care of your health is the fundamental right of each and every individual. However, with the passage of time, the medical care expenses have reached such a high that it has become incredibly difficult. So much so that people have seen all of their life savings spent out on a single operation or surgery.

While this may seem to be an unavoidable cost for any individual, it is important that people look for something that can reduce the burden of them. And health insurance is the best opportunity for them. To limit the high medical expenditures, individuals should try and get health insurance in order to limit down the overall cost to a certain extent.

What is health insurance?

Health insurance, also know as a medical insurance, is an excellent method of making sure that people will not have to worry about the overall costs and expenditures incase they require medical treatment. Depending on the treatment required, the medical insurance will cover all or most of the medical bills incurred.

This is an excellent way for people to get treated in the shortest possible time with the best possible medical specialists. It gives people the option to select their ideal surgeon/doctor from a list of reputed specialists. They can get excellent treatment and a private hospital room to their comfort. The primary benefits that a health insurance entails are,

1. Shorter waiting time to get themselves treated.
2. Private hospital rooms and better facilities.
3. Choosing their preferred doctor and specialist.
4. Getting the best possible treatment in quick time.
5. Covering up of their overall medical bills.

What does a health insurance cover?

This is the most common question asked by a lot of people looking for a health insurance. There are a list of things that the health insurance covers. These include the normal CTI, X-ray, MRI scans and some surgical procedures. There are some medical plans that have various different facilities as opposed to others. Hence, it is important that people make sure that they have an idea as to what the insurance covers before purchasing it.

Most patients will require a hospital room and bed as their treatments last longer than usual. This is often covered in most insurance policies. Similarly, most policies do not cover cosmetic treatments, organ transplants, and other expensive surgical treatments. This is why it is advisable to look for a policy that includes the health and medical services so that people can cover majority of their medical bills with ease.

Different types of health insurances

There are two main categories of private health insurances. These include moratorium underwriting and full medical underwriting.

• Moratorium underwriting: This is the category where the patient has to provide limited information about themselves. This is when the insurer will not cover any such costs that have been due to past events in the patient’s life. However, the future medical expenditures will be dealt with accordingly.
• Full medical underwriting: This is a much expensive medical process comparatively. However, it requires the patient to provide full information about themselves. This makes it possible for them to earn a much wider insurance coverage.