Medical insurance is a policy purchased for the purpose of covering expenses related to health issues. Each plan has a specified amount of reimbursement for expenses incurred for medical treatment. Policies vary in the extent of coverage, deductibles, type of plan and add-on options. Some medical insurance is available with riders to exclude certain conditions.
Catastrophic
Catastrophic medical insurance policies are the most affordable. The coverage is limited to major hospital and medical expenses only. Regular doctor visits are not included in the plan. Most plans cover only hospital admissions, surgical costs and x-rays. It is not a plan for individuals with ongoing medical issues.
Individual
Individual medical insurance provides an option for health benefits when a group policy is not available. Since the individual is paying the entire cost of the premium, it will be higher than a group plan where the employer pays a portion of the cost. You will be expected to respond to a medical history questionnaire. You may or may not qualify, depending on your risk potential to the insurer. If you are accepted as a high risk, expect your premiums to reflect the risk.
Small Business
Small business medical insurance is available for any small business owner with a minimum of two, but not more than 50, employees. Small business owners can join together and have the same benefits as a group plan. Policy types include PPOs (preferred provider organization), HMOs (health maintenance organization), POSs (point of service) and HSAs (health savings account).
Student
Student medical insurance policies can be purchased for your child when he reaches the age where your policy no longer covers him. It can also be more affordable to purchase a student plan, even if he is eligible to remain on your plan. For students attending college outside the covered region, student medical insurance can provide year-round coverage for your student.
Temporary
Temporary medical insurance coverage provides an option for individuals in transition, according to Medhealthinsurance.com. For those between jobs, choosing early retirement, looking for coverage after COBRA or for recent graduates looking for employment, temporary insurance is a short-term health plan that lasts from three months to a year. Amount of coverage, deductibles and out-of-pocket costs will vary according to the insurance provider chosen.
Travel
Travel medical insurance must be purchased in addition to any other insurance plan the holder already has. According to the U.S. Department of State, most health insurance plans, including Medicare and Medicaid programs, do not provide for coverage outside the United States. Travel plans written for coverage overseas include emergency and evacuation coverage.
Member Comments