Health insurance is a type of optional insurance that allows you to take advantage of a private medical service by avoiding spending massive amounts. Health insurance offers coverage for hospitalization, treatment, physiotherapy and rehabilitation costs, purchases of medicines during hospitalization and diagnostic tests related to an illness or accident.
Vice versa, health insurance does not offer coverage for cosmetic interventions, dietetic treatments, corrections of physical defects, voluntary non-therapeutic abortions, particular diseases such as AIDS, schizophrenia and other psychic pathologies, as well as accidents deriving from alcohol abuse, drugs, hallucinogens and psychotropic drugs. In this article, I will inform you about the most rising Health Insurance types in India. So let’s get going.
Four most common types of health insurance plans
The types of health insurance plans that better suits you depends on what you and your family desire and how much you ‘re able to pay. Here is a concise overview of each form of health insurance scheme:
1. PPO Health Insurance Plans
The most common plans are PPO or Preferred Provider Organization. Employees insured by PPO plans must obtain their medical services from physicians or clinics on the list of approved facilities of the insurance corporation to reimburse premiums at the maximum rates.
2. HMO Health Insurance Plans
Health Maintenance Organization is the full form of HMO. HMO policies offer a wide variety of healthcare benefits across a network of organizations who partner with the HMO directly or consent to provide customers with services. Employees participating with HMO programs usually tend to choose a primary care physician (PCP) to handle much of their health services and refer them if appropriate to an HMO expert.
3. HSA-Qualified Health Insurance Plans
HSA-qualified policies usually include PPO policies developed exclusively for the use of Health Savings Accounts (HSAs). An HSA is a unique savings plan allowing members to raise money and would be used expressly for potential medical expenditures. When the HRA is correctly structured, HSAs used in conjunction with the Insurance Payment Plans (HRAs).
4. Indemnity Health Insurance Plans
Indemnity policies require beneficiaries to guide their treatment and usually attend every doctor or hospital. The insurance provider instead charges out a small percentage of the gross premiums. Employees can expect to pay in full for such programs, and then qualify for compensation to the insurance provider.
When is Health Insurance Required?
Health insurance can always be convenient. Everyone needs efficient health care, treatment, periodic visits and tests regardless of gender, age and economic situation.
But, in particular, you could think of taking It out more urgently if you are in an age group that is no longer young and, perhaps, you are more often to deal with stressful situations due to insufficient structures or, with endless waits.
When can Health Insurance not be taken out?
Health insurance can’t take out in case of drug addiction, HIV and alcoholism. Some companies, fortunately, few, do not even allow it to those who are insulin-dependent.