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What is Health Insurance And How To Get One

Many times we do not plan the inevitable health failures that are coming. We really don’t spend enough time talking about the importance of ensuring health in our lives. That’s why health insurance is very important.

Because we are all positive, except that we are mostly healthy, life is often unpredictable.

The older you get, the more you realize how much health insurance plan you need. This is a truly unique financial decision. Plus, you win at both ends.

Think about the financial stress you experience when a family member has a car accident. Without health insurance, you spend a lot, especially in the private sector, where medical care is expensive.

Hospitalization can affect your finances. In addition, it can get you back into business if the right steps are not in place. Think about it for a moment. What if the person giving the money needs medical help?

It is wise to insure your health and your family against unforeseen circumstances.

health insurance

What is health insurance?

This is a type of insurance that covers the insured’s costs for medical and surgical procedures in the future. A policyholder is a person who obtains coverage.

An insurer is the insurance company that provides this coverage, and the provider is used to describe the clinic, hospital, pharmacy, or health care provider that dispenses the treatment.

Depending on the type of health insurance, the insurer can pay the costs of treatment directly to the provider. In other cases, the policyholder will receive his money after paying medical fees.

A brief history of health insurance

The concept of health insurance has its origins in ancient Greece, where virtuous societies were created to provide for families in the event of a loss of income. The first group of health insurance plans come from mutual insurance companies, such as member-owned cooperatives. These members become shareholders and share in the company’s profits.

In the 19th century, early health insurance was simply a disability insurance policy. Patients are asked to pay for other healthcare costs out of pocket.

Also read : Car Insurance – Everything You Need To Know

In the 20th century, traditional disability insurance became modern health insurance programs. Some private health insurance programs today cover the costs of routine, preventive and emergency care, as do most prescription drugs.

What are the types of health insurance plans?

In this post, we will discuss 7 different types of insurance plans. These include:

1. Preferred Provider Organization (PPO)
The PPO plan is an organizational preferential health insurance plan. It is a health insurance plan that encourages employees to use a network of preferred doctors and hospitals.

With a PPO plan, the services provided by the network can lead to higher pocket costs.

2. Health Care Organization (HMO)
HMO is a health insurance plan for a health care organization. With this plan, employees spend less out of pocket. However, compared to other plans, it is not very easy to choose doctors and hospitals.

Also read more about the leading HMOs in Nigeria.

3. Point of Service (POS)
POS is a point of a health insurance service plan. It combines HMO and PPO functions and may require employees to choose a primary care physician. 4. Exclusive Provider Organization (EPO)
EPO is the exclusive organization for health insurance providers. Like HMOs, they have a network of doctors that members must use, except in emergencies.

5. Fee
The damage insurance plan is a compensation service plan. It has a predetermined percentage of the costs that the member pays for the covered services.

6. Health Savings Account (HSA)
The HSA is a tax-advantaged savings account that is used in conjunction with a health plan in accordance with the HSA with a high health deductible to cover eligible medical expenses.

Although HSAs can be included in group health insurance, they are employee-owned and small businesses can contribute to them, whether they offer group insurance or not.

7. Care Reimbursement Systems (HRA)
A health compensation arrangement is a type of health insurance plan that allows homeowners to provide health benefits without having to offer a group health insurance plan.

With HRA, employers pay employees insurance premiums and even free medical expenses.

health insurance and how it works in USA

How health insurance works in USA

Healthcare in USA can be very expensive. A visit to the surgery can cost several thousand Naira, and the average three-day hospitalization can cost hundreds of thousands (or more) depending on the type of care provided. .

Most of us can’t afford to pay such a high amount when we get sick, especially when we don’t know what care we need. There is micro insurance that can help take care of most of these needs. Health insurance offers ways to reduce these costs at a lower cost.

It usually works by paying the price to the health insurance company in advance, and this payment allows you to share the “risk” with many other people who pay the same payment.

Because most people are usually healthy, Naira’s insurance premiums can be used to cover the costs of a relatively small number of enrolled people who are sick or injured.

Insurance companies, as you can imagine, study the risk in great detail and their goal is to collect sufficient premiums to cover the medical costs associated with enrollment. The importance of health insurance in Nigeria
1. Pharmaceutical care
Pharmacology is essential for the practice of modern medicine. This is why health insurance plans provide prescription drugs. Although the amount of coverage varies from plan to plan.

Pharmaceutical health insurance covers prescribing drugs and dispensing drugs as needed. 2. Provide self-service
Such as laboratory tests, physical examinations, shots and vaccinations, etc. As mentioned earlier, depending on the level of health care provided by the insurance plan, the coverage of routine visits has certain limitations.

Treatment of a chronic condition
Insurance companies usually cover most of the costs of treating a chronic illness. Unless it is an existing disease or illness. Coverage includes re-treatment, ongoing testing, and exclusive intervention as needed.

4. Emergency medical care
Health insurance covers various emergencies. These include drug overdoses, accidents, heart attacks, serious illnesses, sudden injuries and unplanned disasters. Emergency coverage is higher than for other foreseeable diseases. This means that higher amounts are spent because fees and deductions are lower in the event of an emergency. Emergency coverage covers costs such as ambulance costs.

Protect your health now! For more useful insurance information, subscribe to our blog.

Posted by on March 26, 2022.

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Categories: Health insurance

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