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Saving Against Medical Costs through Health Insurance
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Posted On :
Dec-09-2010
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Article Word Count :
359
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A man’s health is a real asset that he can count on. Most of us lead very hectic lives, trying to juggle between work and home.
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A man’s health is a real asset that he can count on. Most of us lead very hectic lives, trying to juggle between work and home. All the stress of traveling long hours and irregular eating habits make our lifestyle very susceptible to illnesses. A medical insurance policy is a way to safeguard one’s health from the impact of illnesses, as it helps to reduce the financial impact as well as the mental stress associated with an illness.
Health insurance like other forms of insurance is a form of collectivism by means of which people collectively pool their risk. It may be provided either through sponsored social private insurance companies or through government sponsored insurance program. It may be purchased either by an individual or on a group basis. In each case, the individuals or groups pay a fee, premium or tax to protect themselves from unexpected healthcare expenses. The key elements to most health plans are advance payment of premiums or taxes, pooling of funds and eligibility for benefits on the basis of contributions or employment. Private health plan is one which is organized and administered by a private agency with the provisions specified in a contract. This plan is usually financed on a group basis. Insurance of hospital costs is the most prevalent form of private health plan coverage. Groups of employees finance private group plans whose payments may be subsidized by their employer, with the money going into a special fund. Health plan may apply to a limited or comprehensive range of medical expenses and may provide for partial or full payment of the costs of specific services. A routine finance structure can be developed by estimating the overall risk of healthcare expenses, ensuring that money is available to pay for the healthcare benefits specified in the insurance agreement.
Though health plans are complex but it is necessary to have health insurance in order to secure an individual from huge medical costs. There are plans which not only consist of the right to medical services or reimbursements to the insured but also include benefits for the working time lost because of sickness or leave.
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Article Source :
http://www.articleseen.com/Article_Saving Against Medical Costs through Health Insurance_44552.aspx
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Author Resource :
Alfred Oliver writes content about Health Insurance , Health Insurance Companies and Health Insurance Quotes. For more information visit at: http://www.iffcotokio.co.in/
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Keywords :
Health insurance companies , Family health insurance , Health insurance quotes, Health insurance,
Category :
Finance
:
Insurance
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