Health insurance is simply a sort of insurance which covers a percentage or the entire risk of an individual incurring medical costs. The insurance is often purchased by individuals or groups on behalf of their employers and individuals can get health insurance with or without family members. Like other forms of insurance there exists risk amongst all people.
The insurance thus purchased by an employer is meant to cover all the employees' healthcare needs. But, what happens when the employee is laid off? Does the employer keep the healthcare plan for its employee? The answer is no.
Under some laws, an employer is obliged to continue the coverage, but he has to reimburse any amount not used. So an employee finds himself in a tough position. First, he must find a job that offers a health insurance policy. Second, he must find a sum assured medical treatment which would take care of his entire healthcare needs till his next pay check. The sum assured largely depends on the healthcare needs of an individual as well as the kind of job he does. Get more facts about risk managements at https://en.wikipedia.org/wiki/Management.
A healthy man usually pays low premiums than an unhealthy one. But, the premiums differ from company to company. A healthy person will have higher deductibles than an unhealthy one, and he will have low coinsurance compared to an injured person. In addition to the deductibles and coinsurance amounts, there are certain additional fees applicable to health insurance policies.
For instance, if you visit the doctor for hip surgery, then you will be required to pay a co-pay. The co-pay will be around two hundred dollars and this will include the deductible amount. Usually the insurance company charges five hundred dollars for this deductible amount. The coinsurance for an injured person will also be different from a healthy one; hence the hippa certification company charges three hundred dollars for this additional.
A good part of hipaa risk analysis plans involves the Hospital deductible, which is applied when a patient visits a hospital for the first time. This deductible is the amount which you will have to pay, even before the insurance company comes to pay the rest. The Hospital deductible can be considered as the initial sum assured. Thus, it implies that you will have to pay the full cost of your hospital room rent even before the insurance covers it.
The total sum assured can include all kinds of hospitalization, medical treatments and procedures related to illnesses. There are several ways on how to calculate the total sum assured. One of them is by adding up the various medical expenses incurred for the treatment. Another way is by adding up all the expenses incurred for your illness.
The other two parts included in the plans include Personal Effect Insurance and Personal Casualty Insurance. The personal effect insurance is designed to cover the expenses incurred on all your personal effects. These include your clothes, hair, jewelries and the like. On the other hand, the personal casualty insurance will cover your illness and your family's expenses if you pass away suddenly or in a certain medical condition. These plans might also include accidental injury and illness benefits.