Health Insurance vs Medical Insurance
While some may have the erroneous impression that health insurance is different from medical insurance, the contrary holds true. Health insurance is the same as medical insurance and is often used interchangeably. Health insurance or medical insurance offers coverage to the person whose name is contained on the contract of insurance (policy holder) for the period specified. Health insurance coverage means that all of your medical fees would be undertaken by your insurance provider (company) for the period of time contained in the insurance contract.
Typically, coverage for your treatment would be made directly to the hospital or doctor. However, in cases where by all of those formalities cannot be carried out because of time constraints, payments can be made by the individual and you be refunded by the insurance once proof of treatment provided. It is important however that you take cognisance if the fact that refund and payments for treatment is only mad when it is covered by your insurance. It is also necessary to keep proof of payment for you to be refunded.
Understanding Your Premium
Premium refers to the prearranged amount that would be paid by the policyholder for a specified period of time in instalments. Premium varies from one health insurance plan to the other and is the most criteria factor for being insured in Hong Kong. There are different ways in which instalments are paid on premium and this is largely determined by the insurance provider. Typically, premiums are paid in any if the three instalments: monthly, quarterly or annually.
When it comes to health insurance, it is an absolute necessity that you explore the various plans for a great deal that are well suited to your requirements. You can conserve as much as $500 annually when you explore over 100,000 policies we offer.
Who can be covered?
Health Insurance is designed to serve individualistic purposes as well as couples, teams, groups and corporations. In order words a Health Insurance plan can cater to a family, group, team, couple or just an individual which is the most common form of coverage.
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Perks & Advantages of a Health Insurance Plan
In-patient cover is a fundamental advantage of a health insurance plan and is obtainable in all forms of health insurance plan. In-patient cover provides coverage for cost of treatment, the room you would be staying, in instances where you are hospitalised this coverage can be lifesaving and often takes unforeseen financial inconvenience and constraints that could cause harmful levels of stress. When your health insurance includes, the expenses of any surgery is undertaken by your health insurance provider. While In-patient cover is always available as a constant advantage of your health care plan, here are other perks that may be included in your health insurance plan:
• Out-patient cover: this perk comes with some health insurance plan and refers to various trivial treatments and consultations that is done by the policyholder in hospitals, facilities and with personnel that are not listed in the plan. Usually outpatient plan requires that you pay with your money and then you would be refunded by your insurance provider. It is important to state that you are not expected to stay overnight in a medical facility that is not covered by your insurance provider. Outpatient cover only caters to trivial bills form trivial treatments and consultations that you pay for. Unsurprisingly, out-patient cover attracts additional payment from the simpler health insurance plans.In-patient cover is a fundamental advantage of a health insurance plan and is obtainable in all forms of health insurance plan. In-patient cover provides coverage for cost of treatment, the room you would be staying, in instances where you are hospitalised and the payment for medication. While In-patient cover is always available as a constant advantage of your health care plan, here are other perks that may be included in your health insurance plan:
• Maternity Cover: this insurance cover is suitable for young couples who are looking to have babies. This insurance plan has the added feature of providing cover to every process involved in the delivery of the child to the associated health bills.In-patient cover is a fundamental advantage of a health insurance plan and is obtainable in all forms of health insurance plan. In-patient cover provides coverage for cost of treatment, the room you would be staying, in instances where you are hospitalized and the payment for medication.
• Dental Cover: This cover is suitable addition to your basic insurance plan especially if it is just you being the policyholder. Dental cover would take care of everything concerning your dental health.
• Private Rooms: this cover is particularly relevant when the policyholder is being admitted into the medical facility and covers every expense during the period.
• Optical Treatment: optical treatment is contained under the outpatient coverage. This cover always you to undergo eye treatments and have consultations with doctors as your insurance provider would refund for various costs. It is important however that you keep various documents that validate the operations as well as the cost for refund to be provided.
• Cancer Treatment: while this coverage is not very common, there are certain insurance providers that offer plans with cancer treatment coverage and other chronic health conditions as well.
• Vaccination: Vaccination is also covered as an additional perks in some insurance plan and offers vaccination at a subsidised rate for policyholders you opt for this plan.
• Chinese Medicine there are some health insurance plan that offers coverage to alternative Chinese medicine. This is one of the many additional perks you can get on your health insurance.