Affordable Health Insurance is a general term referring to a policy that protects a person financially against charges that may be made for treatment of illness or injuries. The policy may cover expenses for medicine, doctor or emergency room visits, hospitalization, and other medical fees. Different policies cover these items differently, and vary by the amounts they will cover, what they will cover, and how much the patient is expected to pay. Some will cover second opinions, others will not. The fee for insurance goes up as more items are included, or as deductible limits go down.
The amount the patient is expected to pay is call a co-pay. The higher the co-pay, the lower the premium for the insurance. The best rates are large group rates, and individual insurance policies are the most expensive. The reason for this is that with a large group, the insurance company receives a lot of premium payments but may not need to pay out, as many of the people in the group may not ever use their coverage.
Other things that may affect the cost of Affordable Health Insurance include previous condition coverage, limitations on who a person may see for a doctor, and the person's age, marital status, gender, and other factors. Most people get their Affordable Health Insurance through a group plan at their place of employment. Self employed persons have an option of getting their own individual insurance, reduced types of coverage such as just major medical, or they can join a large group of other self employment persons. If a person loses their job, they may have an option to convert their policy to an individual one, or they can carry on insurance under the government COBRA plan for up to 18 months, during which time they need to pay monthly the entire amount of the premium.
There are some government plans such as Medicare and Medicaid that offer coverage, and there are some plans exclusively for minor children. Since full coverage is very expensive, some people opt for reduced coverage, higher co-pays, or no insurance.
Affordable Health Insurance is basically a gamble for the insurance company. They are betting that you will not need to use much or any of the coverage, while you get peace of mind that any major illness will be mostly covered. Catastrophic hospital services can amount to tens or even hundreds of thousands of dollars. With some plans, the payments are made directly from the insurer to the medical facility, and with others, the patient is expected to pay the bill and then get reimbursement.
Health maintenance organizations (HMOs) are groups that strive to reduce costs, but the patient has fewer choices. For some co-pays there is a cap, or maximum amount you need to pay, and then the insurance company will pay after that. Not having insurance can be a financial disaster, so most people try to at least have coverage against major expenses. Having insurance is optional, but a prudent move to avoid financial catastrophe.
http://www.articledashboard.com/Article/Affordable-Health-Insurance/862824
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