If you loose money, you can earn and get back the money that you lost. But if you loose your health, recovery consumes inexplicable time and money. Every one of us would indeed want to stay healthy throughout our life. Health is such a valuable treasure that needs to be cared and attended to.

What is Health Insurance?

Taking up health insurance is the means by which you can insure your health with an insurance company to meet out the health related eventualities that might occur in your life. As an insurer, you are expected to pay your premiums every year and the insurance company agrees to sponsor the expenses incurred if you fall sick during the tenure of the health insurance plan. Some health insurance plans do not cover a few diseases. So before opting for one check out the list of diseases that are not covered by the plan.

How can you discern the most optimized Health Insurance for you?

With the mushrooming of a huge number of health insurance plans, every individual stands confused with the terms and conditions that are being offered by the umpteen health insurance plans across the country.

Understand the involution involved in the health insurance plans. A few of them are

• The coverage for pre and post hospitalization expenses
• The upfront amount that you will have to bear before getting assistance from the insurance company
• The list of diseases that are not covered.
• Insurance amount for which you are eligible
• List of hospitals and doctors with whom you can make use of the health insurance
• Maximum limit that would be borne by the insurance company

Ensure that you get to know the hidden factors before you take up the health insurance with the insurance company.

Types of Health Insurance Plans

The various types of health insurance plans are

1. Fee-for-service plans

In this type of health Insurance plan, the insurer is expected to pay the initial amount, which is generally fixed up at the time when the insurer takes his health insurance plan. When his medicinal expenses go beyond the fixed amount, the rest of the expenditure is borne by the insurance company on behalf of the insurer.

2. Plans from Preferred Provider Organizations (PPO)

PPOs offer sophisticated and complete  health care They have a list of networked hospitals and physicians with whom the insurer can be treated at very nominal rates. The insurer is offered a heavy discount on his expenses if he gets himself treated within the network.

3. Plans from Health Maintenance Organizations (HMO)

The health insurance plans extended by the HMOs cover a network of hospitals/doctors. If you get yourself treated outside the network, your health insurance plan from the HMOs may not cover the expenses incurred.

The major benefit with HMOs is that the outpatient consultations charges are very nominal. You can also avail in-patient bill discounts in case of health insurance plans from HMOs.

4. Point-Of-Service plans (POS)

The POS covers a strict network of hospitals/doctors. But if you intend to get treated outside the network, you can do so but you would be expected to pay for co-insurance in such instances.