HsPark Blog

Health Insurance- How Does It Helps You In Needy Times

For most people, being healthy is the number one concern. As such, they spend a lot time looking for new ways that will enable them to improve their health status. Unfortunately, life is loaded with uncertainties, which makes it impossible to predict whether one might require medical attention in future. Health insurance enables individuals to receive the best medical care when they need it.

Exercising, a balanced diet, and regular medical check-ups are some of the ways that individuals ensure they stay healthy. However, one is still likely to suffer from the occasional flu, or other serious illnesses, regardless of how well they care for themselves. In addition, the risk of being involved in an accident is real. These illnesses and other unfortunate incidences are likely to drain one’s resources, owing to the high cost of medical care.

Health insurance is essential, not just for individuals, but their families as well. For this reason, one must take care when selecting an insurer and plan that will cater for both his/her personal needs, and those of their family. A comparison of the various insurers – including what they have to offer – is necessary in order to choose the best deal.

The sudden nature of accidents finds many people unprepared to carry the burden, with regard to footing medical bills, the loss of income, or even the possibility of disability. The same case applies when one is diagnosed with a debilitating or terminal illness such as cancer. The high cost of treatment and medication is likely to deplete one’s resources and lead to financial ruin. Insurers offer two major types of health coverage, namely, the Indemnity Plan and the Managed Care Plan.

The Managed Care Plan offers coverage to individuals, but requires them to seek medical care from a list of approved medical service providers. The list includes doctors, hospitals, laboratories and other medical facilities that have been approved by the Health Maintenance Organizations. Therefore, an individual under this plan cannot seek for compensation for cost incurred, if he/she seeks treatment from any other medical service providers. The plan is very beneficial since it covers mental health and preventative care.

On the other hand, the Indemnity Plan is a bit flexible and does not restrict patients to a list of medical care providers. Therefore, an individual is free to select his/her preferred doctors, hospitals, laboratory, and other healthcare facilities, provided they are included in the contract. However, it is normally referred to as “fee for service” plan since not everything is covered under this plan.

People that wish to enjoy the benefits of both plans can apply for a hybrid, which provides for better and wider coverage. With this cover, patients can enjoy the benefits of both Managed Care and Indemnity plans. One can seek medical care from any service provider, whether approved by the HMOs or not. However, patients will be expected to cater for some of the costs incurred.

Health insurance cushions people from the high costs of medical care to enable them stay healthy and gives them peace of mind, in the event that they fall sick. It caters for most expenses incurred while undergoing treatment, which include emergency check-up and treatment, and surgical procedures. For instance, anyone with an EHIC card (European Health Insurance Card) is entitled to free or subsidized medical treatment when visiting Switzerland or other EEA countries.