What are the different types of health insurance? Health insurance is very important. These are the policies that will serve as a safety net when we get sick. You see, when you are working most of the time or when you don’t get to sleep right or eat right, you will end up getting sick. In these times, you don’t want to worry about where you will get the money to pay for your medical expenses. Therefore, make sure you have health insurance policies. There are many different types of health insurance. Before signing over the dotted line, make sure you understand each of these types of health insurance to ensure that you are getting your money’s worth – or more.
The individual health insurance plans are types of health insurance policies that are meant for single people. These are the types of health insurance that will cater the needs of a single person. These cover hospitalization expenses, pre-hospitalization expenses, post-hospitalization expenses, emergency ambulance, doctor’s fees, medicine, oxygen, blood, and pretty much everything that you will need when you are in a medical situation. However, if ever you do not get sick and the term of your health insurance is over, then you can usually get a ‘no claim’ bonus which is usually 5% or 10%of the annual premium.
The family floater policies are types of health insurance that covers the whole family. Basically, this works much like the individual health insurance as well. However, these types of health insurance allow you to include your whole family as dependents. Therefore, if and when any of them will need medical assistance, they can use your family floater policy to cover their medical expenses as well.
The HMO s or the Health maintenance organizations are types of health insurance that are like prepaid health plans. Here, you are asked to pay a certain monthly premium. However, the monthly premium you pay is going to be for the comprehensive medical health care that you and your family can take advantage from. The HMO benefits will include expenses on doctors’ visit, emergency care, surgery, lab tests, therapy, x-rays, and the like. The HMO will arrange these health care benefits whether in their own clinics or through the different doctors that are under their contract. The best part about the HMO types of health insurance is that they provide preventive medical care. This means that the HMOs will provide you immunizations, baby check-ups, office visits, physical, and even mammograms.
Fee for service health plans are types of health insurance wherein the insurance companies will only pay the amount of your medical expenses when you have medical expenses. This is among the traditional types of health insurance. Here, you can choose any doctor you wish and any hospital as well. However, you, as the insurer, will still need to pay a monthly fee to ensure that you are covered by these kinds of health insurance. Much like the HMOs, you can also include your family in the insurance policy. However, if you do this your premium will be higher as well.