We could shortly describe health care insurance as insurance against the risk of incurring medical expenses among individuals.
In other words, it is defined as the coverage that provides for the payments of benefits as a result of injury or sickness. Usually it also includes insurance for
losses from medical expense, disability, accident, or accidental death and dismemberment.
Health care insurance could be divided into few main types that include: individual health insurance, group health insurance, medicare supplemental insurance, student health insurance, dental insurance and short-term health insurance.
Of course, the main type of medical insurance purchased by people are the individual health insurance plans. However, in the United States, the most popular is the group health insurance that is purchased by employers to provide health care benefits for themselves and their employees. However, not all companies offer this benefit to their employees.
In this type of health insurance, usually the employer is responsible for paying the regular premium to the insurance company. You should know that employer could require a partial contribution of premium payment from the employees, which are usually deducted from the payroll.
The other interesting type of health care insurance is short-term health insurance, otherwise called “gap insurance”, and which are usually renewable for an up to 36 months. This is a great solution for retired (but not yet reaching retirement age), for a graduate looking for job, for people between jobs, and for people who do not have other options, at the moment.
Please note that there is an interesting type of individual plan called catastrophic health insurance. This is a very good choice for people with relatively good health and limited budget, and with not any medical coverage at all.
This type of insurance can help you reduce the cost of many medical procedures such as surgeries or hospital intensive care, diagnostics, and costs related to unexpected serious illness.
We all need this type of insurance and you will find quality sites offering health insurance products or information, listed below in our Best Financial Directory.
Health insurance premiums have more than doubled over the last ten years, rising at four times the overall rate of inflation.
This means that health care insurance business is a very important part of the economy.
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