Health Insurance Claim Settlement Procedure

Although most people are concerned about how TPAs work, still many don’t know how health insurance claims are settled. A good health insurance company will settle your health claims as soon as possible. However, the time it may to settle a health claim may vary.

For the claim on your mediclaim policy, the insured must approach the TPA for all formalities and verification process. It takes generally two days to settle claims for TPAs. Here’s how to file a health insurance with your insurance provider.

Cashless Health Insurance Claim Process

  • Cashless treatment can be availed only through the network hospital of your best health insurance company in India.
  • You must intimate the TPA prior to pre-planned hospitalization, or within a specific time duration in case of an emergency.
  • The hospital’s insurance desk will assist you with all the paperwork.
  • The TPA needs to approve the mediclaim amount and thereafter the insurance company will settle the bills with the hospital except some excluded costs that have to be settled from the pocket of the patient party directly.

Reimbursement Health Insurance Claim Process

  • Reimbursement facility can be availed both at networked and non-networked hospitals by the patients.
  • With this facility, you will have to settle your mediclaim bills directly with the hospital after treatment.
  • Thereafter you can file health insurance claim reimbursement of the expenditures from the TPA by providing the relevant receipts and bills.

  10 Things to Check before Buying Health Insurance Plans Online

There are a number of factors that you must consider while buying health insurance policy online. However, including every one of the factors would be both confusing and hard, so here are the 10 most important things that you must check while buying health insurance plans online in India.

    • Sublimits on the Health Insurance Plan: While buying health insurance online, for most of the time we are inclined to ignore the sublimits on certain benefits and then regret afterwards. Therefore, it is important to ensure the limits on room rent, ambulance charges and other expenses so that these charges don’t end up devouring your lifelong savings later.

 

    • Level of Coverage: Before buying health insurance online, firstly, you must check the coverage level of that particular health insurance plan. Even though the fundamental coverage remains the same, some absolute limits may vary in from one medical policy to another. Moreover, it’s always shrewd to go with a health plan that includes features that you may require and not overload yourself with needless features.

 

    • Cashless Claim Feature: Cashless claim facility is one of the best benefits where a direct settlement of medical expenses takes place between the insurer and hospitals. This facility is basically offered under most health insurance plans when the patient undergoes any treatment in one of the hospitals that is listed in the network of hospitals with the insurance company.

 

    • Entry Age: Checking the entry age is an important factor that you must consider if you wish to buy a family floater health insurance plan. You must check for the maximum age of parents/parents-in-law and dependent children if applicable.

 

    • Waiting Period: Waiting period is basically a limited time period where exclusions of specific ailments/sickness are applicable. You will have to wait for this waiting period before your insurer starts covering pre-existing diseases (if any). It’s always wise to check the waiting period earlier since different health insurance plans impose different waiting periods under different plans.

 

    • Exclusions: It would be awfully disappointing if your medical condition or ailment is not covered under your health insurance plan at the time of a medical emergency. Thus, it is always wise that you read the policy documents carefully and be cautious of all the medical conditions which are excluded from your health insurance plan.

 

    • Network of Hospitals: At the time of choosing a health insurance plan, the wisest move is to learn about the network of hospitals that are associated with the insurance company and offer cashless claim services. This facility gives you mental relief at times of medical emergencies.

 

    • Premium: The premium that you are paying for a health insurance policy should always be kept in mind before buying the policy. The amount payable for your health insurance policy should be reasonable and suitable when compared to other medical insurance plans.

 

    • Exclusions: It would be awfully disappointing if your medical condition or ailment is not covered under your health insurance plan at the time of a medical emergency. Thus, it is always wise that you read the policy documents carefully and be cautious of all the medical conditions which are excluded from your health insurance plan.

 

    • Additional Benefits: When you check for the best health insurance plan online, it makes sense to seek for add-on riders attached with your health plan in order to increase the coverage, scope and benefits of the comprehensive mediclaim policy.

 

  • Renewability: Nowadays, a perfect health insurance policy generally offers a lifelong renewal option on most health insurance plans. For this reason, renewability is a vital factor while choosing the right health insurance plan for your loved ones or yourself.

  Why Should You Buy Health Insurance Online?

Investing in health insurance policy is undoubtedly a good idea. However, it may seem like a weighty procedure. The conventional technique of purchasing health insurance was basically like this: contacting an insurance agent, read out those multifaceted clauses and not actually understand the real meaning of most of them.

An addition, the whole procedure was time consuming. This process, however, involved a lot of paperwork. But with the online methods of purchasing or renewing your health insurance plan, you don’t need to take any stress regarding all these.

Consequently, buying health insurance online has turn out to be the most preferred way of protecting one’s health for millennials. Some of the best benefits of buying health insurance online are stated below:

  • Availability of All the Required Information: All the critical information associated with your health insurance plan is easily available online and therefore, there is absolutely no possibility that your agent can conceal or forget to share any information with you. Any information on health insurance that you might need is simply available on an all thorough platforms online.
  • Save Big on Time: When you buy health insurance plan online you can easily save up on the effort of meeting an agent and the time that you waste on understanding compound terms and conditions of a policy. With all the required information accessible at the click of a button online, you can check everything that you need to know and secure your health effortlessly.
  • Compare Health Insurance Plans Online: It can’t be denied that the booming presence of internet and technology has made our lives so much easier and simpler. With the help of web insurance brokers and aggregators, you can effortlessly compare a number of health insurance plans online as per your choice and then choose the plan which you think suits your needs and does not burn eat up your savings.
  • Save Big on Premium: A numbered health insurance company offers lower premium when you choose to buy a health insurance policy from them online. Given that the agents are not allowed in this process, the company is now able to offer lower premium rates in health insurance policies in order to get individuals to buy health insurance and retain them.
  • Premium Calculator: Valuable and effective online tools like health insurance premium calculator are available nowadays. This makes it tremendously suitable for the insured to calculate the health insurance premium that is to be paid and therefore, you can efficiently plan your finances accordingly.

  Mistakes to Avoid While Buying Health Insurance

There are a bunch of mistakes that you are likely to make while buying a health insurance policy. Many people tend to make these blunders on a regular basis. Such types of carelessness results in the customer’s dissatisfaction with the coverage, terms and conditions and the customer care. And all these in the end lead to a bad review for the insurance company.

By opting for an ideal health insurance plan, both the customer as well as the company can have a reciprocally valuable relationship. To name some of the reasons why people are likely to make mistakes is basically the lack of information, lack of time, blindly trusting the agent, understanding the terms and conditions, skip reading and so on.

Some of the most common blunders that you must keep away from while buying a health insurance policy are stated below:

  • Choosing to buy a health insurance policy without conducting enough research
  • Buying a health insurance plan without asking any question and clarifying doubts
  • Not going for adequate coverage overpowers the idea of buying a health insurance plan online
  • Choosing not to read the health insurance policy document carefully
  • Delaying in the purchase of an effective and ideal health insurance policy
  • Not knowing about the network hospitals associated with your health insurance company
  • Choosing to go with the coverage and add-on riders that are not relevant for your unique health insurance requirements
  • Depending only on the health insurance policy that is provided by your employer

  Steps to Choose the Best Health Insurance Policy for Family

There are quite a few parameters that you must consider before you buying a health insurance plan for family. Some of them are stated below:

    • Co-payment: This is one of the factors that one must consider. You must find out whether or not the health insurance plan you are purchasing for family provides a co-payment option. The co-payment option is basically a standard feature. It is defined as a fixed percentage of money that is to be paid by the insured when a claim is filed.

 

    • Your Budget: You must consider the financial budget of your family, on the basis of how much coverage would be enough for the protection of all your family members.

 

    • Compare Health Insurance Plans Online: It is a must that before you invest a single penny in a health insurance plan, you compare the health plans from the top insurers and choose the one that suits best for your needs.

 

    • Number of Family Members: When buying a health insurance plan, you must consider the number of family members. Most health insurance providers in India generally cover up to 4 to 6 family members under their family floater health insurance policy plan.

 

    • Addition of New Family Member: : The addition a new member to the family is a moment of joy. Therefore, when purchasing health insurance online, you must also consider the circumstances in the policy if you wish to get the new family member added under the health insurance policy.

 

  • Claim Settlement Procedure: Claim settlement process of any insurance company used to be a bulky process which generally forbids a person from purchasing a health insurance plan online. But today, all the health insurance companies provide an easy and hassle-free claim settlement procedure that makes it convenient for the insurance buyers.

  Why Health Insurance Policyholders Go for Portability?

Portability is a relatively new facet introduced for mediclaim policies in India. Now, you don’t necessarily have to get your policy renewal done with the same insurer year after year. New insurers are coming with lucrative deals. So, you can compare medical insurance companies in India and select the provider of best policies on your medical policy renewal. The portability feature of health insurance in India essentially allows mediclaim policyholders switch from one insurer to another. You can retail all your accrued benefits even if you decide to change your policy provider.

There are many reasons why policyholders choose to port their mediclaim policy. Mediclaim policyholders change insurers if they find an insurer with better deals. Sometimes, inefficient services by existing providers force policyholders look for a new medical insurance company in India. Ever since its introduction, portability has proved to be beneficial for policyholders. Here are the advantages of porting of health insurance in India.

    • You can port your mediclaim policy in India to another insurer for free.

 

    • Both individual mediclaim policy and family floater policies are eligible for mediclaim policy portability.

 

  • All benefits earned by medical insurance policyholder regarding waiting period and NCB are retained when they port the mediclaim policy to new insurance provider.

Conditions regarding medical policy portability

IRDAI imposes some terms and conditions and deadline for all policyholders willing to port their mediclaim policy have to maintain. Policyholders in India also have to go by guidelines set by IRDAI. Here are some vital guidelines about portability of medical cover in India.

    • Medical insurance portability can be done only at the time of health insurance renewal

 

    • Mediclaim policyholders need to make application a minimum of 45 days before their health insurance renewal

 

    • Both the existing health insurer and the new insurer where mediclaim insurance policy will be ported must be aware of this decision of policyholders.

 

    • New medical company can rightfully work out the terms and conditions of the best health insurance policy in India

 

    • New health insurance company has to retain the benefits accumulated by the mediclaim policyholders from their previous providers.

 

    • Mediclaim policyholders can select between individual and family floater policies for their new medical insurance policy.

 

    • The new health insurance company can turn down the request of portability if mediclaim policyholders don’t pay their premium in time.

 

  • Policyholders get 30 additional days if their porting is under process.

  Benefits of Health Insurance Comparison Online

If you choose to compare health insurance online, you can reap the following benefits;

    • You can compare mediclam policies online providers in a few minutes without having to visit health insurance companies in India

 

    • The premium of an online health insurance policy is less than the premium of the best medical insurance policy available in the brick and mortar offices of a medical insurance company in India.

 

    • You can compare health policies and select from an abundance of policies. You don’t have to buy the plans typically offered by the agents. By choosing to go for online medical policies, you will have lot more options to choose from.

 

    • You can go through all information about online policies conveniently when you compare health insurance online.

 

    • Some health insurance companies offer discount on their mediclaim policy premium if you buy policy online or renew the policy from their portals.

 

    • An online health insurance policy in India requires minimum or zero documentation.

 

  • You don’t have to collect information about various companies if you visit a neutral comparison portal to compare health insurance online.

  Health Insurance Schemes by Our Government of India

    • Rashtriya Swasthya Bima Yojana (RSBY): This scheme of Government of India is especially launched to offer the health insurance benefits to the families that are below property line. This plan offers financial protection for the unorganized workers. Ministry of Labor and Employment under the Central Government has launched this scheme.

 

    • Pradhan Matri Suraksha Bima Yojana: This Government scheme is beneficial for those families that belong to economically underprivileged sections of the Indian society. This scheme financially securing those families with a sum insured of up to Rs. 2 lakhs. It is specially designed to financially protect families and individuals against death, and partial and total disability.

 

    • Aam Aadmi Bima Yojana: The scheme was launched in 2013. This government scheme has been tailor-made for addressing the 48 occupational groups or rural areas with landless households. The amalgamation of Aam Aadmi Bima Yojana (AABY) and Janashree Bima Yojana (JBY) has resulted in the newly formed scheme, named Aam Aadmi Bima Yojana. It offers medical insurance benefits to any one earning member of a family or the head of a family.

 

    • Ayushman Bharat: This scheme is specially launched by Government of India with the aim of offering benefits of up to Rs. 5 lakhs to 50 crore to the people who belong to underprivileged families throughout India. Ayushman Bharat is an ambitious scheme covering even pre-existing disease. This health insurance scheme can be availed at government as well as private hospitals. In other words, this plan offers comprehensive medical benefits to the deprived families.

 

  • Universal Health Insurance Scheme (UHIS): It is an effective initiative of Indian Government and was launched in 2003. This scheme provides quality healthcare to Indian families that are below as well as above the poverty line, especially BPL families. Under this scheme compensation of Rs.30, 000/- is given to the insured and his or her family against medical expenses due to hospitalization. Even death of the earning member of the family due to any mishap is covered in this scheme.

  How to Avail the Best Health Insurance in India?

Finding the best mediclaim policy in India is a bit confusing and tough job. You can avail a plethora of benefits if you choose the best health insurance but the question is how? Well, it’s an easy process to unearth the best health insurance plan. It may take some time but it will be worth it.

First, all you have to do is compare health insurance plans online. You will have more options open when you compare online. You will have to have a basic know-how of the type of health plan you want to purchase. Thereafter, compare the plans offered by different health insurance companies depending upon the type of coverage you are looking for.

Not every medical company will offer you the same types of coverage or benefits. When you compare health insurance online, you will automatically amass the knowledge regarding the coverage offered by various insurers in India. You should also keep in mind that the cheapest mediclaim policy is not always the best when you compare quotes online. You should also take note that the online comparison of various insurance providers is the key to find the best mediclaim policy in India.

Online comparison is the exclusive method to avail the best health insurance plan in India. Whether you buy insurance on individual basis or family floater basis, make sure you compare the policies as per your coverage and budget. Furthermore you should compare the quotes at the time of your policy renewal. The best health insurance Company in India is likely to provide you the best coverage at an affordable price. Some special discounts are also offered by the best insurers in India.

To compare health insurance plan all you need to do is to visit an insurance broking portal. Keep in mind that not all portals provide you the best results when you compare policies to purchase the best mediclaim policies online. Therefore you should only use the best portal like GIBL.IN when you compare policies online. You can be rest assured to acquire the best health insurance thereafter. GIBL is dedicated toward providing its users the best medical policies in India for both when you buy and renew policy online.

After you compare policies online, you can move forward to purchasing the best mediclaim policy online. You should check about the reputation of the Company you are buying mediclaim insurance from. You should also check the range of network hospitals before you buy medical policy online. The best health insurance company in India is likely to have the largest network of hospitals. Therefore you can avail the best coverage from them.

  Health Insurance Renewal

Health insurance renewal has the same importance as buying one after you compare policy online. When you opt for the best medical policy online, you should concern yourself about renewal of your mediclaim policy on time. There are a few things to keep in mind when you go for the renewal online such as the coverage, special add-on covers etc. You can also switch to a different insurer at the time of your policy renewal if better benefits are provided in exchange of the same premium you pay for your existing mediclaim plan. For online medical policy renewal, you will be required to provide your personal details such as the policy number etc. You should compare different policies online before your health insurance renewal.

Though most people are concerned about how TPAs work, still many don’t know how health insurance claims are settled. The best medical company in India will settle your health claims as soon as possible. The time of health claim settlement may vary. For the claim on your mediclaim policy, the insured must approach the TPA for all formalities and verification process. It takes generally two days to settle claims for TPAs. Here’s how health insurance claims are settled.

    • Cashless
      Cashless treatment can be availed only through the network hospital of your best health insurance company in India. You must intimate the TPA prior to pre-planned hospitalization, or within a specific time duration in case of an emergency. The hospital's insurance desk will assist you with all the paperwork. The TPA needs to approve the mediclaim amount and thereafter the insurance company will settle the bills with the hospital except some excluded costs that have to be settled from the pocket of the patient party directly.

 

  • Reimbursement
    Reimbursement facility can be availed both at networked and non-networked hospitals by the patients. With this facility, you will have to settle your mediclaim bills directly with the hospital after treatment. Thereafter you can file health insurance claim reimbursement of the expenditures from the TPA by providing the relevant receipts and bills.

there are a number of factors that you must consider while buying medical policy online. However, including every one of the factors would be both confusing and hard, so here are the 10 most important things that you must check while buying health policy online in India.

    • Sublimits on the Health Insurance Plan: While buying health insurance online, for most of the time we are inclined to ignore the sublimits on certain benefits and then regret afterwards. Therefore, it is important to ensure the limits on room rent, ambulance charges and other expenses so that these charges don’t end up devouring your lifelong savings later.

 

    • Level of Coverage: Before buying health policy online, firstly, you must check the coverage level of that particular mediclaim policy. Even though the fundamental coverage remains the same, some absolute limits may vary in from one medical policy to another. Moreover, it’s always shrewd to go with a health plan that includes features that you may require and not overload yourself with needless features.

 

    • Cashless Claim Feature: Cashless claim facility is one of the best benefits where a direct settlement of medical expenses takes place between the insurer and hospitals. This facility is basically offered under most health insurance plans when the patient undergoes any treatment in one of the hospitals that is listed in the network of hospitals with the insurance company.

 

    • Entry Age: Checking the entry age is an important factor that you must consider if you wish to buy a family floater health insurance plan. You must check for the maximum age of parents/parents-in-law and dependent children if applicable.

 

    • Waiting Period: Waiting period is basically a limited time period where exclusions of specific ailments/sickness are applicable. It’s always wise to check the waiting period earlier since different health insurance plans impose different waiting periods under them.

 

    • Exclusions: It would be awfully disappointing if your medical condition or ailment is not covered under your health insurance plan at the time of a medical emergency. Thus, it is always wise that you read the policy documents carefully and be cautious of all the medical conditions which are excluded from your medical policy.

 

    • Network of Hospitals: At the time of choosing a health insurance plan, the wisest move is to learn about the network of hospitals that are associated with the insurance company and offer cashless claim services. This facility gives you mental relief at times of medical emergencies.

 

    • Premium: The premium that you are paying for a health insurance policy should always be kept in mind before buying the policy. The amount payable for your policy should be reasonable and suitable when compared to other medical insurance plans.

 

    • Additional Benefits: When you check for the best health insurance plan online, it makes sense to seek for add-on riders attached with your health plan in order to increase the coverage, scope and benefits of the comprehensive mediclaim policy.

 

  • Renewability: Nowadays, a perfect mediclaim policy generally offers a lifelong renewal option on most health insurance plans. For this reason, renewability is a vital factor while choosing the right policy for your loved ones or yourself.

Selection of the best health insurance policy in India can be tricky because all companies come with similar mediclaim policies in terms of coverage and premium. However, there are some vitals aspects that separate the best policies from the rest. So, you have to compare mediclaim policy online to trace out the best health policy in India. If you compare medical insurance online, you can purchase the best policy from the finest provider.

Financial Strength of the Health Insurance Company

All health insurers in India are not equivalent in terms of monetary position. Your chosen insurer should be financially strong so that you can rest assured that if you make any claim, your health policy claim will be paid out by your chosen insurer. So, you first have to compare health insurance online providers and find out the best one in India in terms of financial stability.

Know Your Budget

Even though, you want the best health policy with a plethora of attractive features, you should select the policy online as per your budget only. In such case also, you have to compare health insurance online to find the best mediclaim policy that comes with affordable premium and attractive features.

Know Your Requirements

Once you know well what exactly you want in your best health policy, you can find out the best online policy easily. Many insurers in India come with a plethora of beneficial features. Once you know your requirements, you can compare health insurance to come upon the best features you seek.

Claims Settlement Rate of Health Insurance Company

On the basis of claim settlement time and rate all health insurance companies in India are not equal. You should choose mediclaim policy from such insurer which has highest claim settlement ratio. Providers of best policies in India come with best claim settlement record.

Understand Terms and Conditions

One of the keys to avail the best health insurance policy is to be aware of the terms and conditions. Once you read that part and be aware of exclusions, you can select the best policy with least number of exclusions and most lenient guidelines. So, reading the fine prints is one of the right ways of finding a quality mediclaim policy online.

Network Hospitals

Network hospital of the insurance provider is another crucial aspect in choosing the best health insurance policy in India. You have to compare health insurance online providers in terms of number of network hospitals. The provider of best mediclaim policy boasts maximum number of hospitals in the network. Your chosen insurer must have sufficient network hospitals in your vicinity so that you can avail cashless health insurance facility in your locality.

Renewal Option

While purchasing health insurance policy in India, the renewal option is the first thing you have to check. Best medical insurance policy comes with lifetime renewal option. So, you should make health insurance comparison and avail mediclaim policy with lifelong renewability. You just have to get renewal done in time to stay protected throughout your life.

What does health insurance mean?

Health insurance means a type of insurance coverage that pays for the medical and surgical costs incurred by the health insurance policyholder. Health insurance can either reimburse the insured person for expenses incurred from any sort of injury or illness, or pay for the expenses to the care directly; both depend on the type of health insurance coverage one chooses.

What is health insurance and what does it cover?

Health insurance is an insurance policy agreement between you and the health insurance company. The health insurance policy provides coverage against various illness or injuries to insured person.

How does a health insurance work?

You have to pay a yearly premium, depending upon the type of health insurance coverage you select, and the health insurance policy will pay for the costs incurred due to any illness or injuries up to the limit of your Sum Insured.

What is the difference between health insurance and mediclaim?

Both the terms, health insurance and mediclaim are used interchangeably. Mediclaim is limited only to the hospital expenses whereas health insurance is a much more comprehensive coverage that goes beyond the hospital expenses.

What are the different types of health insurance plans?

Health insurance companies may offer one or more of these four basic types of health insurance plans: Health maintenance organizations (HMOs), Preferred provider organizations (PPOs), Point-of-service (POS) plans and High-deductible health plans (HDHPs), which may be linked to health savings accounts (HSAs).

What are the benefits of health insurance?

The benefits of health insurance may include saving out-of-pocket expenses on injuries or illness, free health check up, dental treatment, domiciliary treatment, coverage against pre-existing diseases, cashless treatment facilities etc.

Why do we need a health insurance?

The reason we need health insurance is to help us pay for care. Since accidents and injuries happen unexpectedly and you can’t predict what your hospital bills will be like, health insurance protects you and your family financially in one of such events.

How important is it to have health insurance?

It is important to have health insurance for more than one reason. Health insurance backs you up financially in evens of an unexpected injury or serious illness. A person who has no health insurance receive less medical care, less timely care and they have worse health outcome.

Which health policy is best in India?

Some of the best health policies in India are, Star Health Senior Citizen Red Carpet, Star Health Cardiac Care, Apollo Munich Optima Restore, Bajaj Allianz Health Insurance for Individual, Max Bupa Heartbeat etc.

What is the difference between a deductible and copay?

A deductible is a fixed amount that a patient must pay within a given time period, generally a year, before his/her health insurance cover the costs. A copay is a fixed amount that must be paid by the patient for availing particular health insurance benefits, with the remaining balance which will be covered by the health insurance company.

What is the mediclaim?

Mediclaim is a hospitalization benefit that is offered by many health insurance companies in India, both private and public. The medical insurance policy takes care of the hospitalization expenses.

What is a private health insurance?

Private health insurance is a type of health insurance policy that is often offered by employers or other organizations. The type of private health insurance plans depends on different employers or other organizations.

What are the advantages of having private health insurance?

Some of the advantages of having private health insurance include, the option of being treated by the doctor of your choice, offer you extensive control over where or when you want to be treated, shorter waiting period for elective surgery, offer you services that are not covered by Medicare such as dental, optical, physiotherapy etc.

What is the cost of health insurance for an individual?

The cost of average health insurance for an individual is $393 per month, according to the data collected by eHealth. This report is on year 2017.

What are the two types of private health insurance?

The two types of private health insurance are hospital policy and general treatment policy. Hospital policy covers you when you go to a hospital and general treatment policy gives you coverage for ancillary treatments such as dental, physiotherapy, optical etc.

How much is private health insurance?

The cost of private health insurance may vary. One has to pay £1,349 per year as in premium for private health insurance in UK.

What is a private health care system?

In countries like Japan, Canada, UK the term private health care system is used for medical services that are not covered government such as cosmetic surgeries, ambulance rides etc.

What is an individual health insurance plan?

Basically, the health insurance plan that you purchase on your own and which is not purchased through an association or employer is called individual health insurance plan.

What does private health care insurance cover?

Private health care insurance offers you the services that are not covered by Medicare such as dental, optical, physiotherapy etc. Private health care insurance also covers the cost when you go to a hospital.

What is publicly funded health care?

Publicly funded health care is a health care service that covers the cost of most or all health care needs from a publicly operated fund.

What does national health insurance mean?

National health insurance is a health insurance system that offers health insurance to a national population against the cost of health care.

How is health insurance used?

When you have a health insurance policy, the health insurance company provides financial support in case of serious illness or damages in exchange of a yearly premium. The health insurance company either pays in reimbursement or pays the care directly.

What is a public health plan?

Public health plan is a health insurance plan offered by government health insurance providers to the people with lower income so they can pay for their medical care.

How much is health insurance for a family of four?

According to Forbes, the premium of health insurance for a family of four is $25,826 per year.

Which type of insurance is provided for the people through their employers?

Group insurance policy or private insurance is generally provided for the people through their employers.

Is Medicare private insurance?

No, Medicare is not a private insurance. Medicare is a federal government health insurance policy mainly for people who are 65 or older.

How are private insurance companies funded?

In many countries, private insurance companies or organizations are funded by public and the private insurance fund is controlled by government or government agencies.

What is a socialized health care system?

The term socialized health care system is a term that is used in United States. The term is used to discuss the system of universal health care.

What is a private pay?

Private pay is a term that is used to describe a person who pays for his/her treatment directly from pocket rather than using his/her private health insurance.