Putting some light on health insurance is important! Health is your real wealth, and if you are not healthy, you can call yourself broke. Yes, poor health can lead you to poverty, depression, and unproductive life. While we take all the necessary precautions and care to avoid any chronic illness to invade our body, we are still inevitable of getting sick, developing chronic disease and much more.

With that, you can go for regular checkups to prevent any chronic illness from invading your body. Slightest of negligence in taking care of your health can result in sickness that may leave you broke in the end. For example, if you are not healthy, how would you work well? If you can’t work well, you can’t earn. Hence, good health is essential for overall quality of life.

Move over, at the time of a medical emergency, health insurance will ensure that you get the best of the treatments from relevant specialists to get back in shape with quick and effective treatment. In brief, an insurance plan gives you access to specialists.

Health Insurance Definition

A health insurance policy is a legal contract between the policy provider and the taker. The contract expires after a certain time and the policy taker will have to renew it again. When a policyholder buys a policy, he has to pay money and details conditions under which the insurance company will have to pay for his medical care — and possibly for his or her family.

Types Of Health Insurance

Have a brief look at the types of health insurance you can avail:

Health Maintenance Organizations (HMOs)

In this type of health insurance, employees have less out-of-pocket expense but the flexibility in services available, physicians and choice of hospital is also restricted.HMO is suitable for you if you have a small business and prefer lower premiums!

Preferred Provider Organizations (PPOs)

As compared to HMO, PPO plan gives the employees the luxury to use a network of preferred doctors and hospitals! These providers provide service to plan members at a discounted rate. Employees can choose the doctor of their choice in their plan’s network. This results in a higher out-of-pocket cost because of flexibilities.

Point Of Service (POs)

It is a combination of HMO and PPO, because it has features of both.

The provider network is smaller, as compared to the PPO plans and doesn’t cost much for in-network care like an HMO. Like PPO, you can always choose to see specialists are in-network or out-of-network — if you see a specialist, who is outside your plan’s network, your share of the cost will be higher!

Exclusive Provider Organization (EPOs)

They are quite similar to HMO plans because they too have a network of physicians their members use except in emergencies. However, you visit a facility who is not in your plan, you’ll have to pay the full cost of services used, yourself.

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Benefits Of Health Insurance

Some of the benefits you get from health insurance include:

• Instant funding when you are out of cash at the time of emergency.
• Flexibilities including choosing the facilities and specialists of your choice according to your plan.
• You can go for your health checkups weekly/monthly and stay healthy!
• You are saved from paying mammoth hospital bills and get timely treatment.
• It’s expensive to get treatment from specialists today but health insurance can help you in this regard.

Necessity Of Health Insurance

Health insurance is important because it facilitates you to avail appropriate medical treatment at the time of need and stay healthy. Due to expensive treatments, it is beyond the reach of a common man to seek advice from specialists. Hence, health insurance is the best solution for him.

Each of us wants to stay healthy and fit for the sake of his/her family and loved ones. With health insurance plans, one can visit doctors regularly for a checkup, get instant funding at the time of need, select facilities of his choice — according to his plan — and more importantly, stay healthy!

It is common to see people dying in hospital because of lack of funds. Many treatments like cancer, heart disease, kidney disease are very expensive to treat. Usually, they are beyond the reach of a common man. This makes health insurance necessary for every common man and his family.

Because of versatile health insurance plans, anyone can avail them. As compared to playing long hospital bills, one would prefer to get a decent insurance plans. It is not necessary that you must buy the most expensive one. Instead, you can buy one, that fits in your financial status!