Health Insurance – An Overview

Health Insurance – An Overview

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The importance of health insurance is understood or strikes a person only when his close friend or relative is sick or not many people give much importance to it. When it comes to health Insurance coverage, it varies in different parts of the world and even across different states of the U.S.A, health insurance coverage can vary.

Health insurance is a particular type of insurance where the insured will be paid a specific amount of money in case he falls sick (under covered causes) or gets caught in an accident to meet his medical expenses by the insurer. Either a government agency or a private organization can play the role of the insurer. In case of adverse health conditions, health insurance can safeguard a family from devastation of financial nature.

Statistics obtained from the Bureau of US Census reveals that roughly 85% of Americans own some kind of insurance relating to health. About 60% of people in the U.S have been insured for health either by their work place or by means of health insurance bought by them personally. State or Federal Government agencies offer insurance for at least one-third of the population. These agencies may be the state funded plans or agencies such as Medicaid and Medicare.

Today, cost related to health insurance is soaring. Medical treatment has become very expensive because of the latest development in technology. These developments have led to increased life expectancy of mankind. More medical facilities are required for the aging population than the young population who would naturally be healthier. This is another reason that has contributed to the rise in the health insurance cost. Those who are healthy can enjoy several incentives from insurers. A person’s personal health record would be scrutinized before offering him health insurance. The benefits and incentives provided by health insurance companies can encourage people to make better changes in their lifestyle.