INSURANCE DETAILS

Health Insurance


One of the most common insurance products is health insurance, a broad umbrella category that covers any sort of insurance product that helps an individual mitigate against the expenses that are occurred when it comes to medical treatment.

Health insurance products work by estimating the typical probability of an individual needing health care treatment and then what those costs are likely to be based on a huge range of factors (such as age, any existing health problems and lifestyle).

Sometimes individuals take out health insurance policies themselves with a private companies, whilst for many workers one of the benefits will be being signed up to a healthcare provider that the company works with: this might be at a discount cost or even free as a benefit of working for the company.

There are various important terms to understand with insurance products such as this. One of these is the concept of a premium, which basically refers to the cost of the health insurance policy taken out by the individual.

Another key term is known as the deductible, and this refers to simply how much a person has to pay before the insurance company will cover additional costs: for instance the first $500 of any treatment may be needed to be paid by the policyholder with any excess over that paid by the insurance company. The term exclusions is easier to understand: this refers to types of health issue that are not covered, and so if these occur the individual would need to pay themselves as they are excluded by the policy that they have.

In the UK healthcare is provided free by the NHS, but there are also various companies that offer private healthcare insurance, and typically people will join these through work if they work for a sufficiently large company (smaller businesses are less likely to offer healthcare benefits as a general rule). It is estimated that under 8% of the population in the UK is a member of a private healthcare scheme.

Related Articles...

Contents Insurance
Contents insurance is a type of insurance product that covers the items that you have - the contents - of your home. There are a range of different providers of contents insurance out there on...

What Is Insurance?
What exactly is insurance? It sounds like a very basic concept, but it is important to know what insurance is, in order to work out why insurance is so essential to modern-day activities, and why...

Pet Insurance
People love their pets - whether you are a cat lover or a dog lover, or prefer something like a rabbit, a guineapig, snakes, hamsters or indeed any animal that you can think of, then pet insurance...

Life Insurance
One of the most well-known types of insurance product is life insurance. And this does very much what it says on the tin - it insures against the life of a person. Thus, if the policy holder (the...

Vehicle Insurance
Vehicle insurance is the category of insurance products that cover, surprisingly enough, vehicles. These can be any sort of vehicle that you can think of, with of course the most common product...

Saving on Home Insurance
Home insurance splits into the bricks and mortar insurance - buildings insurance - and the stuff that you put inside your house such as your valuables - the contents, hence that bit is called the...

Home Insurance
Home insurance is one of the most common types of insurance product, and anyone who has a home will be familiar with it. Home insurance is usually contrasted with contents insurance, which is a...

Income Insurance
Income insurance is sometimes referred to as income protection insurance. As the name suggests, this product is focused around what you earn from work. This type of policy is something that will...

Property Insurance
Property insurance is a product that applies specifically to property, and has various different types of specific that are subsets of the general umbrella term 'property insurance'. Specific...

Prize Indemnity Insurance
Prize indemnity insurance is a purchase that would be considered by someone offering a large prize and thus could stand to lose a considerable sum of money. This form of insurance would mean that...

 © © Insurance Details    |    Copyright and disclaimer    |    Insurance Details