A DEEPER LOOK AT WHAT HEALTH INSURANCE MEANS

Insurance simply means the method of cushioning the effect of financial mishap. It can offer protection to its owner in the event of property damage, illness or theft. Insurance can also be used to comfort a family that lost their loved one.

In this article, we shall be discussing health insurance. In order for us to have a deeper knowledge of health insurance, we must first expose ourselves to some health insurance terms. They are as follows:

DEATH BENEFIT:

This describes what the beneficiary stands to receive from an insurance firm when the owner of the insurance dies.

MATERIAL FACTS:

This includes knowledge of things that may hinder a person from accessing insurance from a particular company and also the amount of money the person has to pay. If, for example, a person is a heavy drinker, they have to divulge such information to the insurer because failure to do so could result to cancellation of insurance policy and non payment of claims.

PRE-EXISTING CONDITION:

This talks about any known medical condition a person has before the application for insurance.

RESCISSION RIGHT:

In the case that a person purchases an insurance policy and decides to cancel it within 10 days, they will be entitled to a full refund of any payment made. This entitlement is called Rescission Right.

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HEALTH INSURANCE

Health insurance services and products comes in different varieties and they can be used to handle the following:

They can be used to offset the bills that are beyond the capability of traditional health care plan.

They can boost the income of someone who is facing major health challenges.

They can be used to provide medical care for someone who suffered health problems during vacation.

TYPES OF HEALTH INSURANCE

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SUPPLEMENTARY HEALTH INSURANCE

With this type of health insurance, a person can handle the bills from dental services and drug purchase. This type of health insurance doesn’t have the total backing of the provincial authorities. That is why proper research is advised for potential buyers so that they don’t end up with health insurance services already in their possession.

DISABILITY INSURANCE

This insurance covers the recipient who has suffered a health problem that cannot allow them to work, whether temporarily or permanently. The health problem could be heart attack, loss of limb or undergoing an operation.

TRAVEL MEDICAL INSURANCE

This insurance caters for people who travel outside their jurisdiction to another country.

LONG-TERM CARE INSURANCE

This insurance applies to those who check into facilities that provide long-term care and an example of such facility is an elderly home.

PLACES WHERE INSURANCE CAN BE OBTAINED

Insurance can be obtained from any of the following:

(1) An insurance broker

(2) An insurance agent

(3) An insurance company

In addition, insurance can be accessed through other means such as the Internet, phone or mail.

CONCLUSION

Health insurance has been proven to be of immense benefit to the person who purchased it. When there is a health situation beyond the financial strength of a person, the health insurance can provide coverage for such situation by helping to pay for the required medication. This insurance is a must have for everyone and if you don’t have one, endeavour to do so.

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