[ad_1]
In case you are not aware, health insurance is a type of assurance that is given on the basis of agreed terms in case the insured person falls ill or needs medical treatment. The insured may have a chronic condition requiring medical care for years to come. Let’s learn more about it.
Who will pay the medical expenses?
This is one of the most common questions asked by people. If you have health insurance, you can have peace of mind that your health will be taken care of. Actually, it is a type of agreement or contract between you (the policyholder) and the company providing health insurance. The purpose of the agreement or contract is to provide protection against costs. Sometimes the expenses are so high that the sick person is unable to pay the bills. As a result, the person may not receive the care they need to recover.
While you will be paying monthly or annual premiums, you should expect that the premium you are going to pay will be much less than the amount you would have to pay in case of illness.
Keep in mind that health insurance is a type of benefit provided by a non-profit organization, private business or government agency. To ascertain the cost, the company estimates the collective medical cost of all the people in the state. The risk is then divided among the policy subscribers.
As far as the concept is concerned, the insurer knows that one person may suffer huge unexpected health care expenses while another person may not have any expenses. Therefore, the cost is spread over a larger group of people in an effort to make health insurance more affordable for all insured.
Furthermore, public schemes are funded by the government. Therefore, they provide additional health insurance to vulnerable groups such as people with disabilities and senior citizens.
Let us take an example to understand the concept better. A person with cerebral palsy requires special treatment throughout his life. It is understood that a chronic illness costs a lot more money than standard care. Cerebral palsy can result in a physical impairment that may last for the entire life of the sufferer.
Treatment for this condition may require regular doctor visits, multiple treatments, and prolonged hospital stays. Depending on the degree of impairment, you may need specialized health insurance. Many health care professionals will be involved, such as occupational therapists, occupational therapists, physical therapists, orthopedic surgeons, radiologists, pediatricians, neurologists, and so on.
Some patients may require more than one service. Some may also need a speech pathologist, registered dietitian, cosmetic dentist, or urologist.
Hence, the coverage offered can help you get some relief as far as the burden of expenses is concerned. If you don’t sign up, you may suffer from a great deal of financial stress and may need assistance from other sources such as charitable organizations and community groups. Hence, it is a good idea to avail health insurance.
[ad_2]