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Buy Health Insurance To Protect Yourself Against Medical Bills

Future of our life is unpredictable and tragedy may strike us anytime and anywhere. After the liquidity crunch and recession of 2007, along with everyday commodities, the cost of medicine and medical treatment is also soaring high day by day. So, you should buy health insurance, to protect yourself and your family members, against any such illness or accident.

What is health insurance?

Insurance made against loss caused by illness or bodily injury is called health insurance. It gives you coverage for visit to doctors, medicine, stay in hospital and other medical expenses.

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What are the types of health insurance?

The different types of health insurance coverage are mentioned below:

1. Individual insurance: You can buy individual policy for you with this plan. You need to pay a higher premium amount than that of group insurance. Under this plan you will get options like, HMOs, PPOs, POS and fee-for-service.

2. COBRA: If the group coverage provide by your employer ceases to exist due to any reason, you can take advantage of the COBRA or Consolidated Omnibus Budget Reconciliation Act, which is a government protected law to cover you and your family with temporary coverage.

3. Group insurance: This plan is mainly provided by the employer for the employee of a company, co-operative society or an association. The premiums here a bit low as it covers a group.

What are the benefits of insurance?

Some merits of having an insurance policy are:

  • You can get yourself treated by doctors and specialists at lower cost.
  • You will get reimbursement on the tests done on you and on the huge amount of hospital-bills.
  • You can afford to buy the drugs you need for your treatment, as you will get reimbursement.
  • You will also have mental peace, as you will know that you will get proper treatment, in case of emergency, without having to worry about the money.

Your health is your most precious asset, so you should not ignore it and should protect it by buying the right type of health insurance. You need to shop around for insurance quotes from different companies and choose the one that suits your affordability the best.

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