One of the most rapidly rising costs today for families, individuals, and companies is the cost of medical insurance. The rate increases are alarming, and many can no longer afford medical insurance. Companies don’t automatically offer health insurance for their employees as they did in the past, and are cutting back on the benefits offered. But there are many different medical insurance options available today, and if you take time to learn about them, you may be able to save on insurance, or determine that you can afford it, even if your employer doesn’t offer it.
Many people who don’t often go to see a doctor ask if they even need medical insurance. However, if you ask those that have been ill, had surgery, or that have been in an accident, medical insurance was vitally important to their financial survival. If there is a way that you can cover yourself, at east or major medical costs – catastrophic events and illnesses – then do it.
Medical insurance typically covers expenses that result from injury, illness, or accidents. Benefits cover surgery, medical, and hospital care, but can also include recovery care such as physical therapy, private home care, psychological services, etc. depending on the policy. Disability insurance is separate from medical insurance, but is very important. This type of insurance provides disability income in case you are injured and no longer able to work. Long term care insurance is a supplemental type of insurance that supplements Medicare and other policies so that long term care costs are covered in case they are needed, especially as you age.
There are several medical insurance options now available that should be compared in terms of coverage versus cost. Indemnity plans reimburse insured people for their medical expenses, and don’t limit who can provide the medical service. These plans usually have a deductible amount, and typically have percentages that are reimbursable; for example, the insurer pays 80% and the insured pays 20% of all costs.