Understanding Health Insurance

September 15, 2008

Because of the increasing cost of health and medical care, it has become inevitable to get a health insurance coverage for yourself and your family members. You will find lot of companies jumping into the health insurance market because of the increasing demand. So before buying a health insurance policy, you should have a basic knowledge and understand of the health insurance to take advantage of this competitive market.

Basically, there are 2 types of health insurance policies :
1 – Indemnity Plan which is often called as reimbursement plan. Here, you have the freedom of selecting the hospital or a doctor. And then they will provide the coverage according to your plan features.

2 – Managed Care plans – Here the insurance companies tie up with various health care providers to serve their clients. This category includes various plans like Point of Service plans (POS), Health Maintenance Organizations (HMO), PPO, etc. So under this policy, you have to visit their network health providers to take the benefits of the policy.

You might also find various other additional benefits like

1. Free regular checkups by your insurer
2. Pregnancy, ante-natal and post-natal coverage
3. Dental insurance
4. Eye and mental health care
5. Accident insurance

Thus, features and premium varies from one plan to another. It is you, who has to decide which features you want to opt for and how much is your pocket for the premium. Get atleast 3-4 quotes from various companies before buying your health insurance to get the best deal. Also, dont forge to get discount quotes for individual health insurance and for the whole family/business. 

Popularity: 88% [?]

Posted in What's New