Health Insurance Policy

If a major setback to your health occurs, how confident are you that you can pay for the medical attention that you need? If you have a health insurance policy, then you can be confident that your insurance company will pay for your bills according to the policy that you hold. But if you don't have a health insurance policy, just thinking about paying for exorbitant medical bills can make your blood pressure rise.

A health insurance policy is your protection against the debilitating medical bills that you may incur in the event that you become sick or contract a disease. There's a wide range of health insurance policies to choose from. The task of choosing the health insurance policy that suits your need can be difficult if you don't know the different coverage that goes with a certain policy.

Types of Health Insurance Policy

A number of health insurance policies are available in the market and the business continues to grow due to the rising awareness of people about their health insurance policy needs. Some of these health insurance policies are the following:

* Individual Health Insurance Policy. An individual health insurance policy covers the medical costs of the insured person or family. This kind of health insurance policy is purchased directly from a health insurer. This type of health insurance policy is comparatively more expensive than other health insurance policies.

* Group Health Insurance Policy. This type of health insurance policy is a single policy that covers the medical costs of a group of people. In some cases, employers offer group health insurance policy to their employees as part of their benefit package. Group health insurance policy is cheaper than individual health insurance policy. Unlike in individual health insurance policy where you have the freedom to negotiate the provisions in your policy, in group health insurance policy the provisions of the policy are negotiated between the insurance company and the policy owner like the employer.

* Medicare Health Insurance Policy. The Medicare is a government-sponsored health insurance policy which is available to those who are receiving Social Security benefits or at age 65. Those who are disabled or handicapped or have end-stage renal disease may be eligible for Medicare health insurance policy. The Medicare health insurance policy covers hospital insurance which includes inpatient hospital care and medical insurance which includes physician care.

* Managed Care Plans. The managed care plans include three basic types of health insurance policies: the Health Maintenance Organisations (HMOs), Preferred Provider Organisations (PPOs) and Point of Service plans (POSs). The managed care plans type of health insurance policy involves an agreement between the insurer and a selected group of health care providers.