Health Insurance Basics - Tips for first time buyers

What is Health Insurance?

What is Health Insurance?

Health insurance policy is a way to get financial assistance for medical emergencies and ill health. In today's time it is very vital for everybody to have a health insurance. You can buy a health insurance policy either from a government insurance agency or an independent private company. Almost all health insurance policies pay only a fixed percentage of the overall medical expenses incurred during a hospital visit. The remaining percentage needs to be borne by the policy holder and is referred to as coinsurance. There are various types of health insurance policies such as

Group Health Insurance Policy

Group Health Insurance is an insurance that is offered to a group of people related together in some form like being employed by a common employer etc. The advantage of this type is that the premium cost is not calculated on an individual risk basis and thus remains the same for every member of the group. It's quite common for companies to go for this kind of policy and provide their employees with such a health cover. Often, spouses and children of the members of the group can also be added however, the premium is usually higher.

Individual Health Insurance

Individual Health Insurance is an insurance where the premium is calculated based on the individual's risk assessment. To purchase an individual health insurance, you usually answer a questionnaire related to your health and may even be required to undergo a medical examination to support your answers to the questions.

Family Health Insurance

Family Health Insurance is an insurance which covers your entire family and where the premium is calculated based on your family's overall risk assessment. It could be an individual health insurance policy extended onto your immediate family such as your spouse and dependent children for a little extra premium.

Renewal

Health Insurance policy is usually an annual contract after which you must renew your contract. The insurer has the liberty to either continue on the previous year's terms or to re-assess your risk and then update your premium. The insurer is also free to change the conditions of coverage.

Get Health Insurance quotes before buying

Individual and Family health insurance quotes are now easily available from various health insurance companies. When you're shopping for a health insurance then such quotes easily help you focus on the relevant factors ignoring others and quickly narrow down to policies that fit your medical needs as well as your budget. Any search engine will direct you to popular sites which list various health insurance policies from various providers. Most also have premium calculators to help you narrow down on the list based on certain factors such as your age, coverage amount, diseases covered, maximum amount covered etc.

Health Insurance Basics - Tips for first time buyers

By: Tony (OM Visions)

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