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What are the most popular types of health insurance plans available?
How do I get an individual health insurance policy that offers the best value for my money?

Health Insurance Frequently Asked Questions

What are the most popular types of health insurance plans available?
How do I get an individual health insurance policy that offers the best value for my money?
What exactly does my health insurance premium pay for?
What is the difference between primary and secondary coverage?
What health events are likely to be covered?
What is a main hospital plans?
What is an HMO?
Can you target an individual health risk with a policy?
If my health is good should I take out any health insurance?
What is long-term care insurance?
What are the main exclusions in a health insurance policy?
What is a copayment?
What are cancellation clauses?

Answers

What are the most popular types of health insurance plans available?

The most popular types are employer-based group plans, club or association plans, and individual insurance.

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How do I get an individual health insurance policy that offers the best value for my money?

By comparing online quotes on this site, you'll get a wide variety of choices between different insurance companies, rates and benefits. To ensure you get the best value for your money, make sure you evaluate the benefits of each policy against its rates-don't just choose the cheapest option.

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What exactly does my health insurance premium pay for?

In a health insurance policy, much of your premium goes toward administrative costs because the health care providers you visit invoice the insurer for work done or contact the company for permission to give particular treatment. This is in addition to the usual costs of advertising and selling the policies less the investment income from the premiums received, plus a profit margin.

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What is the difference between primary and secondary coverage?

If you have two insurance policies, you cannot get reimbursed twice so one policy is considered primary and covers costs to its limits. The second policy is considered secondary and can cover costs the primary does not.

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What health events are likely to be covered?

You should study the exact terms and any limitations or exclusions of any policy before you buy in order to really answer this question. Most policies cover the expense of treatment following an accident, injury, illness and disease. This usually includes visits by a physician, hospitalization, surgery and any follow-up treatment.

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What is a main hospital plans?

Hospital plans (also called major medical and catastrophic plans) pay for visits by your physician, surgery, hospitalization and treatment for chronic illnesses and emergencies. These policies do not cover routine care or preventative care measures. You can opt for hospital and surgery which only pays for hospital stays, surgery, lab tests and the physicians' charges, or hospital confinement indemnity which contributes a set amount toward the cost of every day you spend as a hospital in-patient.

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What is an HMO?

A Health Maintenance Organization (HMO) is a type of insurance plan that offers complete service coverage with a selection of participating physicians in general practice able to refer on to specialists within the network. Depending on the terms of the plan, visits by a physician, preventative care, hospitalization, surgery and reduced-rate prescription drugs may be available.

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Can you target an individual health risk with a policy?

Yes, it's called specified disease coverage and it provides coverage against the costs should you contract the specified disease, e.g. cardiovascular disease, AIDS, cancer, etc.

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If my health is good should I take out any health insurance?

As a young person in excellent health, you might decide to take the risk of falling sick and only insure against the costs directly resulting from an accident. Alternatively, take out a short-term policy which provides major medical cover for a limited period of time. Just remember, it is when you are sick that you need insurance the most-and that is exactly when you will have the most difficulty getting it.

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What is long-term care insurance?

Long-term care insurance provides cover for people who suffer serious injury or chronic diseases who will need long-term care either at home or in a residential facility.

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What are the main exclusions in a health insurance policy?

Exclusions are subject to separate rules that apply when you transfer coverage between different insurance companies; the most usual exclusion is for a pre-existing condition which can be permanently excluded or subject to a waiting period (until the new health care bill takes effect).

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What is a copayment?

Copayments are the fixed-dollar sums that you must pay out-of-pocket for your care. They are different than deductibles in that they are a small, fixed amount you will always be required to pay.

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What are cancellation clauses?

Cancellation clauses allow insurers to cancel your coverage for many different reasons. To protect yourself, make sure you have a guaranteed right to renew your policy no matter what your state of health. Similarly, make sure your company cannot cancel the policy because you make a claim for a condition likely to be expensive. You don't want the company to be a fair-weather friend who takes your premiums during the good health days and runs away when you fall sick. However, note that the premium will be higher when you demand this right. Also note that these rules will change once the health care bill of 2010 becomes effective.

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