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We all learn the hard way…especially when it comes to insurance cover. Many young people avoid buying any health insurance cover, thinking they are invincible and ‘nothing ever will happen’. While the positive attitude it perfect, it does help if it is padded up with some cover. Accidents and mishaps can happen anytime and body harm can change an entire life pattern for some. The only quantum of solace one gets is in some health insurance coverage. It is not a bad idea to look up some policies that can benefit not only the physical life but also earn some tax benefits. It’s this dual advantage that many customers gain from buying any health insurance coverage. Considering that so many health cover plans are available for people from all walks of life, ailments any cover should be done with some consultation. Policies are available tailor-made to suit individuals, groups, families and companies with flexible premiums. So it does not really tax one a lot to pick up at least one health insurance policy.
Health insurance works on the premise that medical expenses are cared for by an insurance company. This is a periodical renewable contract. Some health care policies are limited to a certain amount. The insured person is expected to pay any charges in excess of the health plan’s maximum payment limit for a specific service. In addition, some insurance company schemes have annual or lifetime coverage maximums. In these cases, the health plan will stop payment when they reach the benefit maximum and the policy-holder must pay all remaining costs. Health insurance coverage also depends upon kind of policy one opts for. Certain policies pay a certain proportion of the money each time there is a medical expense. For example, if your health insurance plan promises to pay 80% of the costs that will be incurred each time you visit the doctor, for getting the prescription or for any other treatment; you would bear just 20% of the cost each time. Other expenses are taken care the insurance company. Generally the insurance company sets up a fixed amount for particular health related issues. Also having a preferred list of physicians, experts and hospitals is another common practice.
Health insurance cover depends upon the treatment. In most cases, insurance policies cover physicians and specialist visit. Costs vary depending upon the kind of treatment needed upon hospitalization. But for serious or terminal illness the policy could have other terms and conditions. A comprehensive plan is also available to take care of every medical expense. These are generally very expensive ones and in most cases are obtained through an employer. Policies and plans for health insurance coverage vary in different places.