If you do not know, health insurance is a type of assurance that is given on the basis of agreed terms when an insured person falls ill or requires medical treatment. The insured can have a chronic condition in life that requires medical care in the coming years. Let’s know more about it.
Who will pay for medical expenses?
This is one of the most common questions that people ask. If you have a health insurance, you may have peace of mind that your health will be taken care of. Actually, it is a type of agreement or contract between you (the policy holder) and the company providing health insurance. The purpose of the agreement or contract is to provide protection against costs. Many times, the cost is so high that the sick person is unable to pay the bills. As a result, the person is unable to receive the care he or she needs to recover.
When you pay monthly or annual premiums, you should expect that the premium you are going to pay will be much less than the amount you paid in the event of illness.
Keep in mind that health insurance is a type of benefit that a non-profit organization, private business or a government agency provides. To find out the cost, the company estimates the collective medical costs of all people in the state. The risk is then distributed among policy subscribers.
As far as this concept goes, the insurer is aware that one person may suffer from huge unexpected health care expenses, while the other person cannot afford any. Therefore, in an effort to make health insurance more affordable for the lives of all insured, this expense is spread over a larger group.
In addition, public schemes are funded by the government. Therefore, they provide additional health insurance for 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 during his life time. It is understood that a chronic disease costs a lot more money than a standard care. Cerebral palsy can be a physical impairment that can occur for the entire life of a victim.
Treatment of this condition may require regular doctor visits, multiple treatments and prolonged hospital stay. Depending on the degree of loss, you may need special health insurance. Many health care professionals will be involved, such as occupational therapists, occupational therapists, physiotherapists, orthopedic surgeons, radiologists, pediatricians, neurologists and so on.
Some patients may require more than one service. Some may require a speech pathologist, registered dietitian, cosmetic dentist or urologist, to name a few.
Therefore, the coverage offered can give you some relief as far as the burden of expenses is concerned. If you do not sign up, you may suffer from a lot of financial stress and you may need help from other sources such as charity organizations and community groups. Therefore, it is a good idea to benefit from health insurance.