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...

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... 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... 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... 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... 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... 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... 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... GAP Insurance If you have bought a car in recent times, then you will probably have come across GAP insurance as the vendor will have asked you if you want GAP insurance or not. If you are not familiar with... Payment Protection Insurance Until a few years ago, not many people would have heard of Payment Protection Insurance, commonly referred to as PPI. Now it is almost inescapable, with TV adverts and text messages bombarding... 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...