Different Types And Different Methods Of Commercial Health Insurance

No one plans to have oneself or a family member diagnosed with a chronic disease or to be involved in a debilitating accident. Unfortunately, these situations are all too familiar and can happen every day. Having health insurance when these life changing events occur can provide a person or family

Health insurance is a type of insurance that covers that specific person’s medical expenses. Payments can either be made out of pocket and then the customer will be reimbursed or the company will directly pay the entity. A provider is known as a hospital, clinic, doctor, pharmacy, practitioner, or laboratory.

|Indemnity Plan |No referrals needed, can see any doctor or specialist, No primary |Someone that wants the freedom to choose which doctor they want|

Health insurance is that insurance against the risk of incurring medical expenses among individuals. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment. As known, there are many possible insurance companies to choose among them. The important point is to make sure that you're comparing like-for-like cover. In other word, that if you're buying a policy it's the right one for you.Some policies may seem cheaper, but you may find you don't have the same level of cover when you have to make a claim.

In contrast to the lack of health care insurance in early America as most people simply paid cash alongside an exchange of goods for care or received charitable services (Black & Chitty, 2014, p. 305). According to Medline Plus, health care benefit insurance plans allegedly, helps protect you from high medical care costs. It is a contract between the individual and an insurance company (U.S. National Library of Medicine, 2014). The person purchases a plan or policy, and the company agrees to pay part of your expenses whenever the need arises for medical care. People who meet certain requirements can qualify for government health insurance, such as Medicare and Medicaid. Generally, these contracts have become a contemporary source of disdain as this bundle of confusing legalistic terminology regularly necessitates specialized interpreters to truthfully guide patrons.

Health Insurance has evolved tremendously since the first type of insurance plan was developed in America. Accident insurance was the first type developed during the civil war which covered people in accidents traveling by rail road or steamboat during the Civil War. Short after accident insurance was offered, disability and workers compensation was offered to pay for those who could not work, injured during work, or diseases, but still excluded pay for medical expenses. So during this time period which was the early 1800s to late 1900s anyone receiving health care was expected to pay out of pocket for medical expenses. This was thought of as the fee for service payment method.

You need first to identify what you cannot live without in a health or life insurance plan. Making a list of these requirements and an effective strategy will help you choose the best insurance you intend to go with; These types of needs may include full coverage of your doctor visits, future

An inpatient stay must occur for medical treatment that is deemed Eligible Medical Expenses under the Certificate of Coverage.

Over the last few years, the short term insurances have become rather popular in the United States. Two of the most important reasons that have led to this enhanced popularity are that these are a lot cheaper and a lot more affordable in comparison to many of the other insurance policies out there. Talking of insurance policies and senior health insurance policies in particular, there are a huge number of varied options available that one can choose from. Again this ample availability of options often tends to confuse people as then it becomes rather tough as people find it hard to settle with any one policy.

Traditional Indemnity plans reimburse patients for services rendered only. When a patient uses a Fee-for-Service plan, the patient pays out of pocket for health care provided to facility for services rendered. Either the patient or the provider will then file a claim with the insurance company for reimbursement. Reimbursement of fees paid by patients may be full or partial. The amount reimbursed depends on the insurance provider, deductible amount, and UCR’s for the provider service area. Inpatient and outpatient services are paid according to UCR’s of the area and patients are not limited to in network providers.

According to Investopedia, health insurance is a product that is able to cover expenses of medical or surgical needs based on injury or sickness. It ensures a peoples expenses based on the chance of injury or sickness in the future. Insurance may be chosen to be paid for in advanced before the injury or sickness.

Health insurance is Fee-for-Service system for healthcare costs, according to article by Conerly (2010), “if you run an insurance company, plan on the higher costs”

Costs and expenses for doctors and Surgeons. Most plans include Blue Cross and Blue Shield coverage, and provide basic medical expenses and medical insurance. It also sponsors managed medical programs like HMO and PPO.

Managed care plans include Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), or Point of Service plan

The insured is the person who is covered by the policy and can be said to be the owner of the health insurance policy. The provider on the other hand is the specific insurance service provider and can fall in various categories such as: doctor, clinic, laboratory or pharmacy. Therefore, health insurance policy in this modern days translates to any payment plans that is meant to cover emergency procedures and which are mostly of a high cost. Health care insurance in some countries is included in the employment benefit package as an employment incentive. This is mostly the case in countries without universal healthcare covers, an example of such is the USA.