Healthcare is immensely expensive in the country, which means out-of-pocket expenses for treatments and hospital bills can actually make a huge dent in your finances. This is why you should consider health insurance to ensure that you get the kind of care you deserve without worrying about the cost.
Different policies can cover part or whole of the cost and even provide direct payment to the hospital, making health insurance a necessity. What is health insurance? It is a form of insurance that pays the healthcare bills. Health insurance makes it more convenient to receive the care you need without having to worry about the cost or settling bills using your card or cash in hand. In some cases, your policy can cover the cost of prescription treatments. Types of plans Health insurance plans in the country can be broadly categorized into three different types. The first is the traditional health coverage, which is the most expensive but it allows flexibility in choosing healthcare providers. The second type is the plans provided by health maintenance organizations (HMOs), which offer lower co-payments (when the policyholders, along with the insurance companies, pay for the claim amount) and mainly cover the cost of preventive care; the choice of providers may be limited under these types of plans. The third type is the plans offered by preferred provider organizations (PPOs). They also offer low co-payments but give you more flexibility in selecting a healthcare provider compared to HMOs. The Affordable Care Act This is a healthcare reform law that makes health insurance more affordable and accessible to all citizens. It provides low-income individuals and households with subsidized insurance premiums. Under this act, you can buy your coverage through any state or federal marketplace. It also ensures that insurance is not denied based on gender or any pre-existing condition. You can apply for health care coverage under the act via their website. The government offers two programs under ACA: Medicare and Medicaid. Medicare This program covers insurance for those over the age of 65 and those with disabilities under the age of 65. Individuals who have any end-stage renal disease and require dialysis or transplant can also apply for Medicare. The program consists of four parts: hospital insurance, medical insurance, Medicare Advantage (plans offered by private companies), and coverage for prescription treatments. Medicaid This program provides insurance for households with low income. It is available at both federal and state levels and also provides coverage to children, pregnant individuals, and those with disabilities. People can apply for the program through the Medicaid agency in their resident state or submit an application through the health insurance marketplace. Choosing the right plan Among the huge variety of plans in the market, you can opt for government-run programs or private plans. However, certain factors should be considered before choosing the right plan for you. First, it is important to read the fine print to understand what the insurance plan offers. Can you visit any doctor or clinic or do you have to limit your choice to a select number of healthcare providers? You should know if the plan covers home health care and nursing costs and special conditions like physical therapy or pregnancy. Another important aspect is understanding the costs involved and the deductibles charged. You should also take into account the requirement of co-payments under the policy. Further, consider looking into the customer service provided to policyholders and learning how disputes are handled by the company before making the final decision.