Affordable health insurance - In today's competitive and ever changing world, it became very difficult to find a trustworthy companion who can look after your health in ill fate. An affordable health insurance policy plays a very significant role in providing help in terms of money or finance at that time.

Affordable health insurance policy:

Affordable health insurance policy is a type or part of health insurance policy with similar pattern of working criteria. As known, health insurance policy is a binding contract signed between an insurance company and an individual or group to provide money for health care required by the "insured" or "policy holder" or "certificate holder" to treat illness or injury. Based on the policy signed, an individual or group pay a monthly premium and receive benefits from the health insurance company or insurer at the time of need. In response, the insurer pays the medical costs of the insured when the insured becomes sick due to covered causes, or due to some accidents.

With most affordable health insurance companies, a policy holder requires to pay anywhere from 0-40% of the total as a "co-pay' per visit and while the rest of the amount covering the remaining balance of the doctor, hospital, lab work, pharmacy and other medical is paid by the insurer.

Affordable health insurance policy comes in a variety of plans and specifications in terms of coverage, costs and benefits including affordable individual health insurance, affordable family health insurance, affordable child health insurance, affordable employee health insurance known as group health insurance, affordable business health insurance etc.

A Health Maintenance Organization or HMO provides some of the most popular and easily available plans. Through an Health Maintenance Organization, the policy holder will be able to select the physician from a list of approved medical practitioners and if he needs specialist treatment, his physician will refer a specialist to him. A person can also obtain an affordable health insurance plan through a Preferred Provider Organization or PPO, where, he can visit a specialist without prior approval from his physician. And can also get some of his costs paid for if he is required to go outside the network for treatment.

An important part of getting an affordable health insurance policy is the selection of right policy from the ocean of insurance policies. And for the right selection, we have to do some research to know what is available, and ask ourselves some questions regarding what we need and what we can afford. Some websites on net help people in understanding their needs and provide health insurance companies quote with no obligations.

While selecting an Individual Affordable Health Insurance plan, it is favorable to ask the insurance agent

One can make the payments till sixty-five years of his age continuously for 10 years. Single Premium Life is the other basic type of health insurance in which an individual makes a lump sum premium. Many additional features are even offered by insurance companies, such as accidental coverage and many more alike.

• Whether health insurance companies pay for routine care and regular checkups?
• Whether the limitation, exclusion, or pre-existing condition of a person will affect family's health insurance coverage?
• Whether a person needs affordable health insurance coverage for his entire family or just for himself?
• What are health insurance companies' policies in terms of co-pay?

Health insurance companies are developing new forms of health insurance and health service plans resulting in lower premium. Some cost control measures which are taken to attain them are:

Making of an pre-approved list of health care provider to be chosen by the insured.

a requirement is made that any specialized care be can obtained only if recommended by a primary care physician, known as a "gatekeeper,"

any significant or costly care has to pre-approved by the insurer or plan, and

Aggressive utilization review has to be done to determine whether the care given was appropriate and not excessive

Example of an affordable health insurance policy

ICICI bank provides some affordable policies including critical care insurance.

The policy provides lump sum benefit on diagnosis of any of 9 critical illnesses, accidental health cover, and permanent total disablement (PTD) to the policy holder or spouse, subsequent to 90 days from the policy start date.

The illnesses covered by this include Cancer, Bypass Surgery, Heart Attack, Kidney Failure, Major Organ Transplant, Stroke, Paralysis, Heart Valve Replacement Surgery or Multiple Sclerosis.

A policy holder can make choice between Rs. 6,00,000 or Rs. 12,00,000 sum insured and 3 or 5 years of policy durations. And can also avail tax benefit under section 80D of Income Tax Act.