Advertiser Disclosure

The Advantages And Disadvantages Of Health Insurance In The US

The Advantages And Disadvantages Of Health Insurance In The US Finance

Health insurance is a risk management strategy that is important in terms of the coverage it provides for the insured for any surgery, hospitalization or medical expenses incurred but it is important to weigh the advantages and disadvantages of taking health insurance before choosing a policy.

An indemnity health insurance plan will reimburse you either partially or fully depending on the type of plan you have chosen. Alternately, an indemnity health insurance plan may also cover medical or hospitalization expense up to a certain maximum number of days.

Managed care plans give your access to doctors and medical care professionals who are part of a network and their consultation charges may be covered fully or partially under the terms of the policy.

Health insurance coverage provides you access to state of the art medical services at the lowest possible costs. A sound health insurance policy is good to have in the event of any unforeseen medical emergency so that you do not have to worry about raising money for such expenses out of your pocket. While health insurance plans may not contribute significantly to an investment plan, they are very useful as a risk management strategy for long-term filial planning.

On the downside, a concern shared by many is that the annual premium costs of taking out a good health insurance policy can be very high, and may hence be out of reach of those who have a lesser amount that can be allotted for this purpose.

Also, the process of taking a health insurance policy can be quite complicated and often overwhelming in terms of legalese that needs to be deciphered and understood.

Some kinds of health insurance plans impose a limit on the number of permitted doctor visits or have very high deductibles. Another disadvantage to some kinds of health insurance plans is that the extent of coverage may be limited and so when it comes to very expensive medical interventions of specialist consults, you might have to pay from your pocket large sums of money over and above the insurance coverage available.

600 VIEWS

top rated cards

Citi® Double Cash Card – 18 month BT offer

cards
  • Purchases Intro APR
    15.24%
  • Regular APR
    15.24% - 25.24%
  • Balance Transfer Int APR
    0%
  • Annual Fee
    $0

Citi ThankYou® Preferred Card

cards
  • Purchases Intro APR
    15.24%
  • Regular APR
    15.24% - 25.24%
  • Balance Transfer Int APR
    0%
  • Annual Fee
    $0

Citi Simplicity® Card - No Late Fees Ever

cards
  • Purchases Intro APR
    15.74%
  • Regular APR
    15.74% - 25.74%
  • Balance Transfer Int APR
    0%
  • Annual Fee
    $0

Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer

cards
  • Purchases Intro APR
    14.74%
  • Regular APR
    14.74% - 24.74%
  • Balance Transfer Int APR
    0%
  • Annual Fee
    $0
Finance

Guide To Pension Annuity

A pension annuity calculator gives an estimate of how much retirement income your savings can get you. There are free calculators available online that can help you plan a comfortable retirement. Here are some jargons and technicalities that would co...
484 VIEWS
Finance

The Pros And Cons Of Humana Medicare Supplement Plans

Medicare supplement plans are sold by private insurance companies to supplement the cost of those medical expenses not covered by Original Medicare like copayments, coinsurance, and deductibles. Medicare Supplement Plans like the ones offered by Huma...
498 VIEWS
Finance

Step By Step Guide To Compare Health Insurance Plans

Choosing the right insurance plan can seem like an insurmountable task, considering the endless options available in the marketplace. Most people obtain a health insurance from their place of work wherein the employer pays a portion towards the worke...
537 VIEWS