Accident Health Insurance Protects Your Family And You
You need an accident health insurance for protecting yourself and your family, from unforeseen risks of health issues. Such coverage mostly include, long lasting critical illness, cancer, long term care, and disability insurance. It also includes supplementary health benefits.
Accident health insurance is one such plan that covers you against the exigencies and the after affects of an accident. It provides you with the necessary financial cover for post accident benefit. You get such assistance as long as you are covered under the insurance policy.
When you purchase an accident health insurance policy, you are generally issued with an identification card that can be used at a hospital or with a pharmacist when required. The policy that you take out provides you with detailed instructions on the matter of reporting the accident, how the documentation of medical expenses should be prepared, and the way a claim should be filed. With some policies, the medical charges are paid directly to the hospital or the concerned physician, and with others, the expenses are reimbursed to you, on filing of your medical bills.
Most of the modern industrial organisations provide accident health insurance protection to its employees, where persons who become disabled while working, receives compensation. In case of an accidental loss of life while at work, the family receives the benefits. The expenses are normally covered on an indemnity basis. There are also a number of agencies that work on enterprise basis, providing hospital, medical, and health care facilities to people. In the United States alone, during the year 2000-2002, more than one thousand companies provided accident and health insurance. This meant $96 billion in terms of premiums. Today, however, there is an intense competition in the field, with the growth of managed care companies. But managed care companies, as well as others, have started to feel the impact of high medical claims, and higher health care expenses. Of late there has been an increase in the premium rate of most of the providers. Accident and health insurance can be of different types. They may be group insurance, credit insurance, collectively renewable insurance, non-cancelable insurance, guaranteed renewable insurance, non-renewable insurance and other individual health and accident insurance plans. Sometimes the providers of health and accident insurances add service plans to the policy. They pay the health care providers for any service rendered to a beneficiary covered under their insurance plan. The plan provides the facility of direct payment of the health care expenses to the concerned healthcare institutions or individuals, instead of reimbursing the bills as submitted by the beneficiary. This type of service plan has the benefits of reduced paper work and less financial burden on the insured person. Besides the traditional health insurance that we know of, there is another type of private health insurance, where such health insurance is managed under the managed care plans. These plans are provided by HMOs (Health Maintenance Organisations) and PPOs (Preferred Provider Organisations) and EPOs (Exclusive Provider Organizations).
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