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How Does Health Insurance Work?

By Puneet Subscribe to RSS | December 19th 2011 | Views:

When understanding how do health plans work, you may need to become familiar to some other terms such as deductible, coinsurance and out of pocket limit. So, a deductible is the sum of money you need to pay every year before your health insurance plan begins to pay for covered medical services. For instance, if you have to pay for a 50.000$ surgery, you will only need to pay the first 500$. After you have done that, the insurance company will give you a helping hand and will pay a certain percentage from the 50.000$ bill. This percentage is called coinsurance and it may vary according to your possibilities and needs. To put it briefly, if you have set a health insurance plan with 35% coinsurance, as soon as you have paid the deductible, the insurance company will have to pay 65% of the covered spending while you need to cover only the remaining 35% until you add the out of pocket limit for the year. Moreover, the out of pocket limit means the maximum sum of money you are likely to pay freely for covered medical services in a certain year. Therefore, just imagine you had established for this 50.000$ health insurance plan a $1000 out of pocket limit. In consequence, this means you will only have to pay for $500 deductible and $500 coinsurance. Moreover, this means you will only have to pay 1000$ from the total surgery cost, while the insurer will have to cover with the remaining 49.000$. And, the best part of health plans, although you may be hospitalized twice in a certain year, you will benefit from 100 percent covered expenses from the insurer.

Choose the appropriate type of insurance for you and your family - Life insurance

There are many types of life insurance, but there are, as well, many tricks you need to know, in order to make the right decision. You may need to do research before choosing one and then, start looking for as much alternatives as possible. You should keep in mind both your needs and budget limitations, and see which one fits best to your interests.

In addition, it would be easier if you made a list with all the alternatives you found and underline the first three options. This way, choosing the right one is going to be a more easy job. For instance, the life insurance India is extremely complex, as it can be adjusted to all types of budgets and it covers lots of expenses, starting from hospital stay, nursing homes or long time care. But, besides the life insurance India offers, there are lots of other opportunities, provided you agree to do as much research as possible, and find all the alternatives. Once you have found your life insurance, the only thing you need to do is to stop worrying about your future, and enjoy more time with your family. You are now under professional care, and your future is safe, both medical and financial aspects.

Puneet - About Author:
Want to find out about different Health Plans or health insurance in India ? Get tips from the HDFC Life Insurance website online.

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