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Health Insurance Policies

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Health Insurance and its Popular Plans

Health insurance covers the cost of an individual's medical expenses including surgical procedures. The insured person is either reimbursed for medical costs, or the insurer pays the bill directly to the provider. The provider is the doctor, hospital, clinic, laboratory, pharmacy, or healthcare practitioner where services are rendered.

Why It's Important to be Covered

Everyone at some point, and often many times, will need some sort of medical treatment or attention. During this time, it is ideal that the patient is able to focus on recovering rather than worrying about paying medical bills. It is also true that people with insurance catch life-threatening illnesses early and are able to receive the proper treatment in time. Those without insurance tend to avoid regular checkups-checkups that could be life saving.

The Two Main Types of Insurance:

1. Private
Privately held companies, employers, and other organizations offer private insurance.

2. Public
Public insurance is offered and issued by the government. Many countries have a mixture of both private and public insurance options.

The Four Main Types of Insurance Plans:

1. Managed Care Plans
These plans have negotiated lower rates with medical facilities and healthcare providers who together form the plan's network. The insured is usually required to only receive care from a provider within the network, however, there are some exceptions.

2. Indemnity Plans
These plans pay for at least 80 percent of covered medical services, less any deductible, from any provider the insured chooses. There is an out-of-pocket maximum an insured person is responsible for within a 12-month period.

3. Home Maintenance Organizations (HMOs)
These organizations care for the insured directly. The insured pays a set monthly premium and in return receives a range of services. HMOs usually requires care to be given from a provider within its network.

4. Preferred Provider Organizations (PPOs)
These plans work similar to indemnity plans-the insured is free to see any healthcare provider they wish. The difference is that the insured has to pay more of the costs if they use a provider outside of their network.

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