Everything You Need To Know About Medical Health Insurance

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Health insurance is that source of protection that you and your family have against any financial distress resulting from a medical emergency

. With the continuously increasing costs of medical care, from the medicines down to every lab or diagnostic test required by such medical emergency, one can be left for empty without any health insurance. Depending on the plan that you choose, some health insurance plans may include disability and long-term medical care. For the employed population, health insurance comes part of the employment package and the employer makes arrangement with an insurance provider on the provision of group health insurance for the employees.

Medical health insurance may be availed by individuals without coverage from employers. Those who are self-employed or unemployed stand the risk of huge financial disaster if caught in a medical emergency without any health insurance plan. Members of the family should also have medical insurance as it guarantees medical care or attention when needed. It is an investment one makes in exchange for proper medical and health care. Depending on the health insurance provider and plan you have selected, you and your family are assured of being provided the medical treatment necessary and corresponding to the health insurance coverage. Most health insurance providers offer many options and alternatives designed to suite your medical care needs and budget.

Individual medical health insurance plans vary according to:

Copay. This is the fixed amount paid for a covered health care service or office visits to your doctor or one in the insurers network.
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Co-insurance. A certain fixed percentage (e.g. 20%) of the costs of a covered medical care service paid by the insured, leaving the rest (e.g. 80%) to be paid by the insurer.

Deductible. This is the amount the insured has to pay first for any medical care service covered by the health insurance plan before the health insurance provider begins to pay the covered costs.

Premium. This is the amount that must be paid by the insured to the health insurance provider for the health insurance plan chosen. It can be paid monthly, quarterly or yearly.

Usually, a medical health insurance with high deductible will have low monthly premiums and this is a more cost-effective option for many individuals. Inclusion of prescription drugs and preventive / diagnostic tests are also important considerations. Critical illness coverage will provide added protection in the event of a major medical need like cancer or heart attack. For those who want to have more control over their medical care expenses, a Health Savings Account may be considered as this helps manage medical bills using savings account not subject to federal tax.

As a general rule, it is advised that an individual planning to buy health insurance gets quotes from a number of health insurance providers in order to compare their coverage plan benefits and fees. This should be easy because there are innumerable insurance providers with online websites where one can easily request for a quote without having the obligation to talk to an insurance agent or broker. When quotes are received, a comparative summary will make it easy to determine which plan and insurer you will choose for you and your familys protection.

by: Alex Bauer

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