Health Insurance: The Basics

​We rarely consider our health unless we are ill or harmed. Meanwhile, when you need to be healthy, you frequently rely on health insurance, which covers non-emergency care such as prescription coverage, expert consultations, and hospitalization. Furthermore, no one wants to be indebted later in life due to accidents that may cause hospitalization.

What is Health Insurance?
Health insurance is an arrangement in which your insurer agrees to pay for your healthcare expenditures in return for a premium. Specifically, it covers the prescription medication, medical, dental, and surgical expenses incurred by you. 

What are the types of Health Insurance?
The following are the two types of health insurance with their respective uses:

1. Critical Illness Plan
   Certain life-threatening conditions are covered under critical illness insurance plans. These disorders may need long-term therapy or even a lifestyle change.
   
   Unlike hospitalization plans, the reimbursement is based on the Critical Illness cover selected by you rather than actual hospital charges. The policy allows you to spend the money to change your lifestyle or take other medications. 
   
   
2. Mediclaim Plan
   The most basic health insurance plan is a medical or hospitalization plan. When you are admitted to the hospital, your insurer pays for your care. By providing original invoices, the compensation is based on real expenditures incurred in the hospital. 

How does Health Insurance work?
With the help of your health insurance, your healthcare costs are paid first. Then, based on your policy's terms, they cover all or some of the amount.

Furthermore, several insurers require patients to select a primary care doctor to supervise their care, provide treatment plans, and refer them to specialist doctors. 

In contrast, preferred-provider organizations (PPOs) do not demand referrals but have lower in-network physicians and assistance percentages.

However, certain treatments provided without prior permission may also be denied coverage by your insurance carriers. In addition, if a generic version or equivalent prescription is available at a cheaper cost, insurers may refuse to pay for name-brand pharmaceuticals. These restrictions must be specified in the insurance company's materials and thoroughly evaluated. 

Final Thoughts
Nobody expects to get sick or harmed, yet serious sickness can strike at any time. The cost of treating the condition might put a significant strain on whatever funds you've built up over time. Hence, with the help of your health insurance, these issues can be easily resolved, giving you less worry when the time comes.

At Insurance Marketplace, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (541) 779-0177. You can also request a free quote by CLICKING HERE. Coverage discussed in this article is not guaranteed. Please contact our agents today to ensure that your needs are being met and learn more about your policy. We are happy to help!