Health Insurance Research Paper

Submitted By aziza_zenobia
Words: 814
Pages: 4

Health insurance is a type of insurance coverage that covers the cost of an insured individual's medical and surgical expenses. It was originally designed to help patients with major medical expenses that occurred as a result of an unexpected illness or injury. Depending on the type of health insurance coverage, either the insured pays costs out of pocket and is then reimbursed, or the insurer makes payments directly to the provider. In health insurance terminology, the "provider" is a clinic, hospital, doctor, laboratory, health care practitioner, or pharmacy. The "insured" is the owner of the health insurance policy; the person with the health insurance coverage. Health insurance covers medical expenses for illnesses, injuries and conditions. But, unlike a plan through an employer, individual health insurance is something you select and pay for on your own. The importance of having medical insurance is because accidents or health problems can happen at any time. Medical expenses can be high. They’re the number one cause of bankruptcy. Maintaining health insurance is access to a network of doctors and hospitals that has negotiated lower rates with insurance companies. They also pay and keep track of medical payments quickly and easily, with the goodness of being able to safeguard your way of life and your family’s physical and financial wellbeing. Some of the benefits of medical insurance include, outpatient care—the kind you get without being admitted to a hospital, trips to the emergency room, treatment in the hospital for inpatient care, care before and after your baby is born, mental health and substance use disorder services: This includes behavioral health treatment, counseling, and psychotherapy, your prescription drugs, services and devices to help you recover if you are injured, or have a disability or chronic condition. This includes physical and occupational therapy, speech-language pathology, psychiatric rehabilitation, and more. Your lab test, preventive services including counseling, screenings, and vaccines to keep you healthy and care for managing a chronic disease, and many more.
Different types of health insurance plans meet different needs. When you compare options, it's important to understand how they are structured. The most common types of health insurance plans are Managed Care, Group-Sponsored or Individual Policies, and Group-Sponsored or Individual Policies. Managed care are fixed, prepaid-fee plans with contracted health care providers obtained either independently or as a group. Group-Sponsored or Individual Policies are purchased through commercial insurance companies. Group-Sponsored or Individual Policies are financed and regulated by federal or state governments for specific groups of people. Some examples of government-sponsored insurance include Medicare, Medicaid, workers’ compensation, and military plans such as TRICARE and CHAMPVA. The terms Medical Insurance and Health Insurance mean the same thing to most entrepreneurs, yet technically, there are a few differences. Health Insurance deals with health and healing. The natural functioning of the human body, from prevention and preventative habits and products, to medical doctors using prescription drugs and or surgery. Medical Insurance uses the services of a regular medical doctor. But however, this may or may not include dentists,