There are a large number of
Medical Insurance Plans which offer medical benefits and health insurance coverages. Medical Insurance is a form of insurance in which the medical bills of the insured person are borne by the insurance company if the insured person falls ill because of causes which are covered by the policy or because of any accident. The insurance company can be either a governmental agency or a private company. Medical Insurance is also known as Health Insurance.
In the United States, market-based health care systems are principally dependent on private medical insurance or private health insurance.
The United States Census Bureau has provided recent statistical data which indicates that almost 85% of the American population bear Medical Insurance. Almost 60% of this population receive Medical Insurance as individuals or from their employers and several government agencies offer Medical Insurance to more than 29% of the American population.
The
Medical Insurance Plans in the United States can generally be categorized into the following types:
Medicare: The United States Government funds the Medicare Programs. The aim of Medicare Programs is to insure the aged and end-stage kidney disease patients. The Medicare part D began in the year 2006. It offers a program for the aged people for purchasing insurance to buy prescription drugs.
Medicare Advantage: The Medicare beneficiaries have a wide range of health care choices in case of Medicare Advantage Plans. The goal of Medicare Advantage Plans is to regulate the fast growing Medicare costs and to offer further options to Medicare beneficiaries.
Medicaid: The Medicaid was founded in 1972 and its aim was to provide Medical Insurance facilities to very poor people.
The following terms are applicable in case of Medical Insurance Plans:
Co-insurance
Co-insurance limit
Co-pay or co-payment
Deductible
Life time maximum
COB or co-ordination of benefits
In the U.S., there has recently been a shift from the conventional Medical Insurance Plans to managed care plans which include HMOs (Health Maintenance Organizations), PPOs (Preferred Provider Organization), and POS (Point of Service) plans.
