Insurance policies are coverage of related health risks that may incur on a person in future. Of course, it is not necessary that need of using a policy should arise but purchasing a health care insurance policy covers payments for benefits one need to receive in case of a health problem. Health care insurance policies are offered by both private and public sector. This differentiation varies country wise. Each country has its laws and regulations regarding health care policies. Some welfare states offer public health care insurance policies, at the expense of the government entirely while the involvement of private sector in providing health care insurance is minimal. In others, however, the private sector is solely responsible for offering health care insurance policies while the involvement of government is limited.
Typical Health Care Insurance Policies
A typical healthcare insurance policy requires a monthly premium or tax money to be paid to the insurer as a fee of enrolling with them. This way the insurer receives enough money to pay for those enrolled with them in a time of need. This is, by the way, a mutual collaboration where the money is submitted to a single party, and they use it for paying for the benefits of those in need at a particular time.
In most countries, employee insurance policies are offered which differ from company to company. Private sector insurance companies also have varying policies. Typically a health care insurance policy involves:
- A monthly premium to be paid by the policy buyer
- Access to the hospitals registered with the insuring company. Usually, the insurance companies have hospitals registered with them. Going to these hospitals could give you discount on your total costs too
- Coverage of health care costs partially or completely
- Cashless hospitalisation mostly
- Reimbursements or refund of pre and post hospitalisation costs
- A maximum or minimum amount of payment for benefits agreed upon by the insurer and the policy owner
- Some illnesses may not be covered by the insurance policies that too are agreed upon at the time of buying the insurance policy, between both parties. For example, some insurers do not cover pregnancy or related costs, or some may not cover costs for private rooms in hospitals, etc.
- Insurance policies are time bound usually, but there are some policies that are for the lifetime. However, renewal of insurance policy after a period for which the insurance policy is valid is offered by insurance providers.
- Insurance policies also include claim intimation and assistance clause.
- Insurance policies differ for families, individuals, senior citizens, groups (for corporate clients) etc.
All healthcare insurance policies are not same. Getting a health care insurance policy is completely up to the choice of a person unless it is publicly provided to all and sundry. If going for a private insurance policy make sure that you have gone through all the clauses of the insurance policy before signing for it. It is coverage for risks and thus should not be a risky one.