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Do I need Health Insurance?
If you think you do not need Health Insurance; then think again. The unpredictable nature of life is itself a valid reason to own a health insurance. Life is filled with risks. Wherever there is an element of risk, risk management is...

Sleep-at-night coverage with a Private Health Insurance
Sleep-at-night coverage with a Private Health Insurance Health Insurance: a sense of dissatisfaction The three C's, customization, consumerization and customer-satisfaction, seem to be at the core of the business mantra for every service provider....


Health Insurance 101

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Health insurance is a kind of insurance wherein the insurance company pays the medical costs of the insured individual if the individual in question falls ill due to covered causes, or due to accidents. The insurer may be a private organization or a government agency. The major purpose of health insurance is to cover medical expenses and any lost income while the individual is not well and unable to function normally.

There are different types of health insurance policies. The two most common ones are major medical and disability insurance. A major medical health insurance policy provides benefits for sickness or injury, irrespective of whether the care is provided at a doctor's office, clinic or hospital. The types of sickness and injury covered are typically broad, although there are always limitations that you may want to discuss with your agent prior to purchasing the coverage. Major medical policies normally have an annual deductible and a lifetime maximum amount of benefits that will be paid.

Even if you are covered by a group insurance at work, you might consider taking an individual policy if you may change jobs soon, or if certain benefits that are not provided in the group policy.

A deductible is an annual amount that you will have to pay per insured person, before the insurance company begins to pay on your bills. There is an upper limit for the maximum amount of deductibles you will have to pay in a given year.

In a health policy, coinsurance refers to the percentage of the medical bills that the insured individual will have to pay after the deductible is met. Usually the health policy would have a provision called a 'stop-loss' - this is the maximum amount you will have to pay for covered medical bills.

About the author:

Chris Tolamalu is interested in health insurance.


More Reading:

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Health Insurance To Take or Not to Take is it worth the risk

High Deductible Health Insurance Plans For Individuals and Families

Protecting Your Health With Private Medical Insurance

Rising Insurance Costs To Blame For Lack Of Health Insurance In The Workplace

Senior Health Care Insurance

Health Insurance Companies Fail To Please All

Affordable Health Insurance

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Additional Reading

Pet Insurance Is Vital To Your Financial & Emotional Health
Pet insurance was front and centre during my last visit to the vet. As we were standing in a line, a woman came screaming into the lobby, carrying her bleeding and crushed dog in her arms. He had been hit by a car and was near death. ...

Affordable, Comprehensive Health Insurance: How to Get What You Need
Affordable, Comprehensive Health Insurance: How to Get What You Need Your health should be your most important life concern; after all, your life depends on it. But it's difficult to maintain good health without adequate insurance...

The Immorality of Guarantee Issue Health Insurance
While there are genuine debates about whether privatized health insurance or nationalized health insurance policies make more sense, there can be little doubt that guarantee issue policies represent the most immoral type of hybrid between the two....



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