Who will pay for the medical expenses?
This is one of the most common questions that people ask. If you have health insurance, you can be convinced that your health will be taken care of. Actually, it is a type of agreement or contract between you (policyholder) and the company that offers health insurance. The purpose of the agreement or contract is to provide protection against costs. At times, the costs are so high that the patient cannot pay the bills. As a result, the person may not get the care he needs to recover.
While you will pay a monthly or annual premium, you should expect that the amount of premium you will pay would be much less than the amount you would pay in case of illness.
Remember that health insurance is a type of benefit that a non-profit organization, private business or a government agency offers. To calculate the cost, the company receives an estimate of the collective medical costs of all individuals in the state. Then the risk is shared between the policy subscribers.
As far as the concept goes, the insurer knows that one person may suffer from huge unexpected health care expenses, while the other may not incur any expenses at all. Thus, the expense is spread over a large group of people in an effort to make the health insurance much affordable for all the insured life.
In addition to this, public plans are funded by the government. Therefore, they offer extra health insurance to the vulnerable groups like people with disabilities and seniors.
Let’s take an example to understand this concept better. A person with cerebral palsy needs special treatment throughout their lives. It is understood that a chronic illness costs much more money than a standard care. Cerebral palsy can cause a physical impairment that may last for the entire life of the sufferer.
The treatment for this condition may require regular doctor visits, many therapies and long hospital stays. Based on the degree of impairment, you may need a special health insurance. Many health care professionals will involve such as vocational therapists, occupational therapists, physical therapists, orthopedic surgeons, radiologists, pediatricians, neurologists and so on.
Some patients may need the services of more than one. Some may even need a speech pathologist, registered dietitian, cosmetic dentist or urologist, to name a few.
The offered coverage can help you get some relief that the burden of the expenses is concerned. If you do not enroll yourself, you may suffer from a lot of financial stress and you may need help from other sources like charities and community groups. Therefore, it is a good idea to take advantage of a health insurance policy.