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Types of Health Insurance-

There are several companies offering various plans for getting your <a
href="https://www.icicilombard.com/health-insurance/family-
floater.cms">health insurance</a>but not all plans are suitable for you. Like
a plan designed for an 80 year old man might not be of any use for a man who
is 30. One should consider all the aspects of any plan before agreeing to its
terms. The plan should be chosen in a way that it reduces the premium
liability and gives maximum advantages. Though different insurance
companies sell their plans under different names, Ill try to pick out the most
common types of health insurances and list them:

      The traditional health insurance- this was the simplest and most
       commonly available type of health insurance which was offered by
       medical insurance companies. It is very much similar to auto insurance
       where the insured person is required to pay some amount as deductible
       upfront and the rest of the bill is taken care of by the insurance
       provider.

      The Fee for Service Plan- this one is the general form of health
       insurance between the insurer and the insured. Here you have the
       liberty to choose your own doctor or hospital as per your preference
       and sickness. You can visit the doctor without the knowledge of the
       health insurance provider. However in certain cases you need to check
       with your insurer whether you are getting the benefits of your plan or
       not before visiting the healthcare centre. There are a few drawbacks in
       fee for service schemes as you need to pay a lot of deductible before
       you actually start getting compensation from your insurance provider.
       Like if your annual deductible limit is 700$ and you end up with
       medical bills of 650$ then you are not going to get anything from your
       insurance provider but my suggestion is to be prepared for the worst.
       One should choose his doctor wisely too because if your doctor is
       charging something that the insurance company thinks is more than
       customary then they might ask you to pay the excess. Regular visits to
       doctors for purposes like annual checkups are not covered under fee
for service scheme but these days insurance providers are including
    these expenses too as prevention is better than cure.

   Preferred Provider Organizations- it is a contemporary form of health
    insurance where you have the choices of health care centers given to
    you by your insurance provider. Like a chain of hospitals in different
    cities might have collaboration with any private insurance company
    where you can go and get your checkup or treatment done at
    discounted rates. Getting treated under the doctors falling in the PPO
    network saves a lot of paper work hassles and means less co-payment
    too.

   Health Maintenance Scheme (HMS) - under this type of plan you need
    to visit only the doctors under this scheme falling in network or else
    you will not get any compensation at all from your insurance company.
    This is the most common type for regular health checkups and visits.
Health insurance

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Health insurance

  • 1. Types of Health Insurance- There are several companies offering various plans for getting your <a href="https://www.icicilombard.com/health-insurance/family- floater.cms">health insurance</a>but not all plans are suitable for you. Like a plan designed for an 80 year old man might not be of any use for a man who is 30. One should consider all the aspects of any plan before agreeing to its terms. The plan should be chosen in a way that it reduces the premium liability and gives maximum advantages. Though different insurance companies sell their plans under different names, Ill try to pick out the most common types of health insurances and list them: The traditional health insurance- this was the simplest and most commonly available type of health insurance which was offered by medical insurance companies. It is very much similar to auto insurance where the insured person is required to pay some amount as deductible upfront and the rest of the bill is taken care of by the insurance provider. The Fee for Service Plan- this one is the general form of health insurance between the insurer and the insured. Here you have the liberty to choose your own doctor or hospital as per your preference and sickness. You can visit the doctor without the knowledge of the health insurance provider. However in certain cases you need to check with your insurer whether you are getting the benefits of your plan or not before visiting the healthcare centre. There are a few drawbacks in fee for service schemes as you need to pay a lot of deductible before you actually start getting compensation from your insurance provider. Like if your annual deductible limit is 700$ and you end up with medical bills of 650$ then you are not going to get anything from your insurance provider but my suggestion is to be prepared for the worst. One should choose his doctor wisely too because if your doctor is charging something that the insurance company thinks is more than customary then they might ask you to pay the excess. Regular visits to doctors for purposes like annual checkups are not covered under fee
  • 2. for service scheme but these days insurance providers are including these expenses too as prevention is better than cure. Preferred Provider Organizations- it is a contemporary form of health insurance where you have the choices of health care centers given to you by your insurance provider. Like a chain of hospitals in different cities might have collaboration with any private insurance company where you can go and get your checkup or treatment done at discounted rates. Getting treated under the doctors falling in the PPO network saves a lot of paper work hassles and means less co-payment too. Health Maintenance Scheme (HMS) - under this type of plan you need to visit only the doctors under this scheme falling in network or else you will not get any compensation at all from your insurance company. This is the most common type for regular health checkups and visits.