Health insurance coverage is a kind of insurance which covers a portion or all of an individual’s risk in the event that he or she incurs unexpected medical expenses. As with most kinds of insurance, the premium attached to it is based on a number of factors. However, these risks are different for different individuals and depend largely on the person. Some common factors that affect health insurance are age, gender, family history of diabetes, height and weight, education, current health status and health condition.
If you’re currently working, there is no doubt you’ve encountered one or more instances wherein you have had to spend a large portion of your paycheck on medical bills. And these can sometimes be very costly. And for those who are employed but are not covered by an employer health insurance policy because of the employer’s refusal may sometimes lead to a gap in medical treatment. In this case, people fall back on credit cards and loans to meet their daily living expenses. And in most cases, when these expenses are not covered by existing health insurance plans, people incur critical illness expenses in treating their diseases.
For people who do not have access to any kind of health insurance coverage can opt for supplemental benefits provided under the provisions of the Affordable Care Act. The basic idea behind the affordable care act is to provide health insurance to all Americans as a right. This was done to address the lack of coverage for certain medical costs by insurance companies. The problem lies with the fact that people were not informed about the health insurance options available and thus end up spending thousands of dollars on their medical bills.
Most people would not understand why the health insurance plans of the affordable care act are not readily available in the market. However, the thing to keep in mind is that they were mandated by the government. There are provisions in the law which states that health insurance plans of all kinds must be made available to all Americans regardless of their income or financial status. This makes the affordable care act a very attractive option. No one will benefit more from this act than those who are either unemployed or below the poverty line.
Even those who have been on Medicare for a long time are now being offered alternative health insurance plans by private healthcare providers. The changes in the Medicare system have made it possible for patients to seek treatment for any type of illness from healthcare providers other than those covered under the traditional Medicare system. The best example of this is the Medigap policy introduced by former president George W. Bush. Under this policy, families who are below the poverty line are offered a choice between public healthcare providers and private health insurance plans offered by healthcare providers that participate in the Medicare system.
All those who are not enrolled in Medicare must pay a portion of their out of pocket expenses in order to gain access to Medicare Part A or Part B, as it is known. This varies according to an individual’s income and family size. However, all health insurance plan participants must pay some taxes on their premiums. Fortunately, this tax is only applied once and there are no increases in taxation when it comes to inflation-based coverage and managed care insurance plans. Hence, everyone’s focus should be on trying to find health insurance plans which do not result in additional financial burdens.