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Contributor
rizvan
Posts: 49
Registered: ‎31-03-2016

Health Insurance? How it works?

  1. What is Health Insurance? How it works?
2 REPLIES 2
Frequent Contributor
shef
Posts: 88
Registered: ‎31-03-2016

Re: Health Insurance? How it works?

Hi Rizvan,

 

A health insurance policy is a legal contract between an insurance company and the owner of the policy. Generally, the contract is limited in term, requires a payment by the policyholder to the insurance company (premiums), and details various conditions under which the insurance company will be responsible for the costs of medical care of the policyholder and possibly his or her family.

Components of a Health Insurance Policy 1. Insurance Premium 2. Deductibles 3. Co-payments 4. Co-insurance 5. Exclusions 6. Coverage Limits 7. Out-of-Pocket Maximums 8. Provider Panels 9. Preauthorizations 10. Explanation of Benefits (EOB)

Contributor
Nyra Iyer
Posts: 47
Registered: ‎03-06-2017

Re: Health Insurance? How it works?

Health Insurance plan covers the costs that may arise due to any unforeseen hospitalisation / medical procedures. Health insurance covers the medical expenses for illnesses, injuries and other medical conditions. In general, a health insurance plan offers a financial guard against financial drainage on several diseases. With a health insurance, you don’t need to worry about the treatment expenses. If you get the treatment done in empanelled network hospital, the procedure is cashless where as in non-network hospitals you need to pay from your side first for the expenses and later get it reimbursed under the scope of your policy