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...
| 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... 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... 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... 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... 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... 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... Van Insurance Most people know about car insurance, but what about van insurance? Clearly if you drive a van then you need to know about van insurance. There are various different types of van insurance which... 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... Reinsurance The concept of 'reinsurance' is quite an interesting one. It comes down to the same sort of logic as 'who will guard the guards?' - in this case who will insure the insurers. The answer is, other... 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... |