Health insurance in California is an ‘’ insurance ‘’ that covers the whole or a part of the ‘’ risk ‘’ of a person incurring ‘’medical expenses’’, spreading the risk over a large number of persons. By estimating the overall risk of ‘’health care’’ and ‘’health system’’ expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or ‘’payroll tax’’, to provide the money to pay for the health care benefits specified in the insurance agreement.
While a health insurance cover helps for sure, the cost of health insurance in California itself is not static; it continues to rise with the general inflation and the age of the insured. The rising cost of medicines and treatments has also resulted in increased insurance premiums. In the times of high inflation, saving is equivalent to earning, but the good news is that you can save on the health insurance cost while ensuring optimal health cover for yourself and family.
IF you think your age, gender, health condition and are the only factors of your health insurance policy, think again. The city that you reside in also plays an important role in deciding your health insurance cover.
With lifestyle illnesses, such as cancer, heart attack, stroke, paralysis, becoming more common and advances in medical technology ensuring patients survive such ailments critical illness (CI) covers are the third essential risk protection, after term life and health insurance.
Health insurance covers the cost of hospitalization. But do you know what to do for dental treatment or when a dog bites you? Is that too covered under your health insurance policy? It is not just hospitalization that your health insurance policy covers. There are a lot of other benefits which insurers have started offering keeping in pace with evolving needs.
Make sure you know the terms and conditions of the allowed hospital cost in your health insurance policy. One can pay a higher premium and get enhanced coverage for hospital related expenses including ICU, ambulance charges etc.
There are broadly two kinds of health insurance policies: indemnity and defined benefit policies. A basic health insurance policy is an indemnity product that pays for your hospitalization. It covers hospitalization expenses, and listed daycare procedures. Defined benefit policies pay a stipulated sum on an insured event.