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...

Travel Insurance One of the most common forms of insurance product is travel insurance. Wherever there is travel involved, there is invariably risk, and infact a range of risks, and therefore an insurance product... Agricultural Insurance Agricultural insurance is a niche type of insurance product that is available for those who work in specific areas of agriculture. This type of product could offer piece of mind against various... Saving Money on Car Insurance Like with most types of insurance, the car insurance sector is extremely competitive. There are a lot of providers of this product, but also a lot of different factors that are taken into account to... 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... Flood Insurance Flood insurance is a specific product under the umbrella of insurance and it covers - as the name suggests - losses that occur due to flooding. In many cases, this form of protection (flood... Bicycle Insurance Bicycle insurance, as with all insurance products, gives you a way to deal with the risk of having something happen to your bicycle - depending on the product you choose - and therefore having the... 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... 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... 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... Types of Car Insurance There are various different types of car insurance product that are available in the UK. The minimum level of cover that is available to meet legal requirements is a product called third party...