When an individuals’ medical, surgical and prescription medicine expenses are insured, it’s known as health insurance. A health insurance policy will pay a part of the medical expenses related to the individual’s medical care including medicines, doctor’s visits, hospital stays and even surgeries. The amount the insurance company pays will vary depending on the individual’s particular policy.
Types of Health Insurance Providers:
Public Health Insurance: Encompasses a range of insurance coverage for the disabled (Medicare), the impoverished (Medicaid) as well as to veterans of military service through the Veterans Administration to name a few. To learn more about public health insurance, use the following links:
Children’s Health Insurance Program (CHIP)
Free or Low-Cost Care
Medicare Part A or Hospital Insurance
Medicare Part B or Medical Insurance
Medicare Advantage Plans or Medicare Part C
Medicare Part D or Prescription Drug Coverage
Private Health Insurance: Typically offered within most employers benefits packages to employees as a perk of their employment. These policies typically will insure the employee with options for family coverage as well. Universal Health Care coverage is not available in the United States, which is why Private Health Insurance is more commonly used. To learn more about Private Health Insurance use the following links:
Small Business and Health Insurance
Small Business Health Options Program
Small Businesses and the Affordable Care Act
Large Business and Health Insurance
Health Insurance and the Self-Employed
Types of Health Insurance Plans:
Health Maintenance Organization (HMO) – a managed care plan
Point of Service (POS) – a managed care plan
Preferred Provider Organization (PPO) – a managed care plan
Health Saving Account (HSA) – used for tax benefits.
With a HMO, POS or PPO insurance plan, your health care provider is under contract with your insurance company and through that contract they provide discounts on medical care.
Health Insurance Benefits:
With the rising cost of medical care, health insurance provides you access to health care that may otherwise be too costly. In a time of illness or accident, you will find that having health insurance has the following benefits:
Provides Caps – Makes Medical Care More affordable: Medical insurance provides a cap on the amount of out-of-pocket expenses you will have to pay. Treatments, surgeries, medications and doctor’s office visits for a serious illness or accident can cost the uninsured well over $1 million. Studies have shown that the highest percentage of Americans who file bankruptcy each year can directly associate their debt to medical expenses.
Early Detection and Lower Mortality: Studies show that those with medical insurance are far more likely to regularly visit their doctor. Regular medical exams allow for early detection of disease and other illness as well as allow for the treatment of health issues such as high blood pressure and high cholesterol before serious heart disease can develop or moderately high blood sugar before Diabetes can develop.
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