Health insurance is a type of insurance coverage which is used by the insurance company to pay for the medical expenses of the insured person. In a person’s life, he has to face many diseases, accidents and other hospital expenses throughout his life. To reduce these expenses and to take protection against these expenses, people turn to health insurance, which provides different types of health insurance coverage by different insurance companies.
Usefulness of health insurance in US and European countries
Generally, the policy given to cover the expenses of hospitalization, surgery or operation etc. is called coverage. Insurance companies provide many types of policies to the insured person which are accompanied by monthly or annual premium and they also have to pay a fixed amount for health care. There are many types of health insurance plans, such as health maintenance organization, preferred provider organization, network coverage and different rules and benefits. In many countries, there are government-run health insurance programs like Medicare and Medicaid. Apart from this, in some European countries also these insurance programs are run smoothly in the health sector, which provide coverage to elderly people and low-income families.
Types of health insurance
Short Term Health Insurance – This health insurance provides temporary coverage for a limited period. It usually lasts for 12 months and is given to the insured person by the insurance company according to the duration and coverage, as per the different states. Its benefits are limited and it does not cover pre-existing diseases. Medicare and Medicaid are forms of federal health insurance programs introduced for people aged 65 years and above and people with disabilities to reduce the risks of medical costs.
Catastrophic health insurance covers health benefits for people under the age of 30 in financial difficulty and is also available at a lower monthly premium but pays after meeting the high deductible amount.
Service centers and exclusive provider organizations usually do not tax out-of-network care except in emergencies. There is no policy for seeing a specialist. Provides out-of-network care at some cost. There is also a preferred provider organization, which is a little more flexible than we are used to.
Best Health insurance companies all over world
If we talk about health insurance companies globally, there are many companies in the world that provide their customers a well-planned health insurance that is available with all coverage. In today’s article, we will identify such health insurance companies that satisfy the customers with more coverage options than all the health insurance companies available in the market and reduce their financial risk in the health sector.
If we talk about it, then United Health Group, Anthem, Kaiser Permanente etc. are the leading health insurance companies which show their presence in a large area with a wide coverage options. All the insurances like dental, behavioral health, pharmacy, surgery, accidental etc. are their products.
Bupa and AXA , TATA AIG are global health insurance companies from the UK and France respectively that provide health insurance with a wide range and coverage. Allians is Germany’s largest health insurance provider.
Prevalence of health insurance in Asia
If we talk about the largest health insurance company in Asia, then Star Health and Allied Insurance Company Limited is a leading health insurance company that provides insurance product coverage to relatives, family and senior citizens. Along with this, Max Bupa Health Insurance, ICICI Lombard General Insurance, Apollo Munich Health Insurance and HDFC Ergo Health Insurance also provide health insurance for cashless treatment facilities and medical expenses hospital and it provides benefits throughout the life span. If we talk about their comprehensive coverage and benefits, then it is very wide and comprehensive which provides flexibility to its customers to meet the risks.
Apollo Munich health
Apollo Munich Health Insurance is a part of Argo Health Insurance. HDFC has acquired Apollo Munich Health and rebranded it as HDFC Argo Health Insurance. It is a renowned health insurance company that has been acquired by HDFC and has been renamed from Apollo Munich to HDFC Argo Health Insurance, which provides comprehensive health insurance plans to the policyholder.