Healthcare Insurance is one such insurance. This insurance covers a particular risk or the entire risk of an individual spreading the risk amongst several persons so as to cover the expenses for medical care that might be required by the insured person. Healthcare Insurance is also known as Health Maintenance Organization (HMO). This insurance was introduced in the United States to provide health care to the American public with the intention of limiting the access of insurance to selected persons. HMO policies are very similar to Health Maintenance Organizations, and both provide similar coverage options. Click here for more information Disability insurance.
There are two types of health insurance available in the United States; Managed Care Plans and Care Organizations. In a Managed Care Plan the insurer assumes all the financial risks including payment of premiums. The insured individual pays monthly premiums which will be used by the insurer to pay medical claims. The insured person has the choice of accessing the health care coverage through physicians, hospitals, and specialists through utilization of a co-payment system. The other form of healthcare insurance is referred to as a Care Organization, where government influences determine the premiums, and also the coverage options.
According to Kaiser, there are approximately fourteen million Americans who do not have any form of health care insurance at all. These individuals are either unemployed, self employed, or only able to afford the minimum monthly premiums required by the government to be covered. As of 2021, a record number of fifteen million individuals fell below the poverty line, which made them ineligible to participate in Medicare due to their limited income, leaving them with no healthcare coverage. By offering catastrophic healthcare insurance plans, state governments and organizations have been able to bridge the gap between poor individuals and coverage for healthcare. Each year these direct written premiums for this type of plan account for approximately one billion dollars in additional revenue to the United States economy.
The primary function of direct written premiums is to offset high out of pocket expenses and prevent individuals from becoming seriously ill or injured. Individuals that purchase insurance will pay more than the minimum monthly premiums required by their state for a variety of reasons, such as pre-existing medical conditions, being in an at-risk age group, and other factors. These plans allow people to select the level of coverage they need for a monthly premium amount that is very affordable. Furthermore, many individuals purchase multiple policies in order to cover for different aspects of their healthcare insurance, including coverage for family members.
According to Kaiser, families and individuals that purchase this type of coverage will save a remarkable amount of money over the long term on healthcare related costs. This is because individuals will be required to make deductibles in order to afford healthcare services, but will only have to make premiums if they choose to use healthcare services. Moreover, the cost per policy will be less than that of traditional health insurance plans. These plans will also be able to offer better coverage than most government provided healthcare programs.
In order to obtain and compare direct written premiums for health plans, individuals will need to visit the websites of insurance carriers. These websites will help individuals determine the cost per policy that they qualify for. In addition, they will be able to apply online, making it extremely convenient for potential policyholders. Before applying, consumers should be sure to understand the terms and conditions of each plan and the financial savings that they offer. This type of healthcare insurance will continue to be a billion market share winner for years to come.