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individual health insurance
Ideally, working for an employer who offers non-contributory health insurance is what most of us would aspire to. However, that is not a realistic scenario.
In addition, disability income coverage may be offered in a group arrangement but it is usually separate from hospital, medical and surgical coverage. Therefore, the first possible group coverage pays benefits for lost earnings resulting from accident or sickness and is commonly called disability insurance.
Determining when a benefit must be paid can be one of two different ways. The benefit period might begin either on the first day of an injury or illness or on the date that the insured meets the deductible and can extend up to two years. Or, the benefit period may cease at the end of a calendar year and begin with a new deductible.
Long-term care can be very expensive. On average, a year in a nursing home costs about $40,000. In some regions, it may cost much more. Home care is less expensive, but it still adds up. (Home care can include part-time skilled nursing care, speech therapy, physical or occupational therapy, home health aides, and homemakers.)
One of the interesting things about HMOs is that they deliver care directly to patients. Patients sometimes go to a medical facility to see the nurses and doctors or to a specific doctor’s office. Another common model is a network of individual practitioners. In these individual practice associations (IPAs), you will get your care in a physician’s office.
We are going to take a look at the limited coverage for hospital, medical and surgical expenses. Discussing this separately first, will help you to understand how the components are combined in major medical and comprehensive policies.
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