Each and every individual deserves to have some sort of protection when they have health needs. It is hard to ignore how crucial our health is to our overall happiness. It is also hard to ignore how crucial maintaining our good health is to giving us the ability to do our part in life.

Because one never can know what fortunes will befall him or her, it is very crucial to have medical insurance to cover regular checkups. This is vital because prevention can go a long way towards helping us avoid emergency situations. A good medical insurance policy should also be able to take care of the cost of the health care treatment you\’d need after a heart attack or major medical event.

All individuals become sick at some point throughout their lifetime. Some people will fall victim to a major car crash. The costs for the health expenses incurred due to these occurrences carry the possibility of causing a person to lose their home, and in some cases, causing a person to file for bankruptcy. Medical costs are on the rise, and these costs show no signs of reversing the current trend. This is why it is so critical to carry health insurance.

Some may say that the cost of medical insurance itself is going through the roof and that is the reason they choose not to purchase it. However, at the first sign of medical troubles, he or she will find that not buying medical insurance in the end is much more expensive. A health care bill for a one day procedure can be ten thousand dollars or more. Not having medical insurance can be much more costly than having so called expensive coverage.

An alternative that can help keep your monthly premium down is a high deductible medical insurance plan. These plans can pay for large expenses. They don\’t pay for most small expenses. The benefit is that the premiums are low.

Health insurance was not created to help one pay for small things, such as routine doctor visits. Medical insurance real purpose is to cover hospital stays and emergency room treatments and care for long-term illnesses.

The two basic types of medical insurance are Indemnity and managed care. As time goes on more and more indemnity plans are being replaced by managed care. However, both types are still around and can be purchased in most areas.

An indemnity policy is one in which the insured has an increased flexibility of providers from which he or she can choose. As long as the care needed is covered in his or her plan, then the coverage typically pays all but 20% of the bill after a deductible. Before health care reform one of the main drawbacks of this type of coverage was that it might only cover illnesses and accidents; there may not have been coverage for physicals or other preventive care. The health care reform mandates that went into effect in September of 2010 changed this for most plans purchased after September 2010.

Managed Care insurance is much different than an Indemnity policy. On a Managed Care policy, the individual is very limited in the choice of physicians that he or she can see. There may only be coverage if the plan authorizes the treatment. If the certain treatment that one needs is not covered, he or she will have to pay out-of-pocket for those services.

Although health insurance is both costly and confusing, it is vital to have. Planning for your financial future cannot be considered complete without coverage for a potential hole in your pocket as sizeable as the potential cost for medical treatments.

Author Bio: You can find information about What Is An Insurance Premium on the author, Alston J. Balkcom\’s site. You can also get insurance quotes from his site.

Category: Finances
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