Medical Expenses

Health insurance is used for covering medical and health-related issues, such as sickness, hospital stays, and physician visits.

Purpose

Health insurance alleviates the high charges of medical care through the use of coverage by a specific healthcare policy. Having healthcare coverage helps people save money from paying out-of-pocket medical expenses.

Plan Types

There are three basic healthcare plans. They include consumer directed, fee-for-service, and managed care. Consumer-directed plans are controlled by consumer choice. Fee-for-service arrangements pay providers and physicians for each service that they perform. Managed-care monitors people who are covered by a plan for cost effectiveness, efficiency, and quality of service.

Coverage

Individual healthcare plans are for single families and individuals who opt to obtain health coverage without going through their employer or another major sponsor. Group plans are for people who are a part of a group that is usually covered by an employer or some other benefactor.

Government Sponsored

The government sponsors healthcare that primarily targets senior citizens, low-income pregnant women, the disabled, and children. The government makes medical treatment free or affordable for individuals who fall within these categories.

Source:

Health Insurance Resource Center

US Census Bereau: Health Insurance

Plan for Your Health