Insurance is the promise a mutual, social relation where different people who are faced by several related risks come together by pooling together resources and spreading risks among themselves. In this case, the insurer is only there to protect financial well-being of individuals, company or a person in particular. There are different types of insurance that covers different risk.
Individual is a type of health insurance in which the insured choose and purchase the policy from the insurance company. In this case, the insured owns the insurance policy. In this insurance policy, an insurer may decline the coverage on the applicant’s medical history. For instance, if the insure finds out the insured has a poor or deteriorating health status, the insurer declines the coverage of the insured which renders any existing insurance policy between the insured and insurer null and void. This is done this way because the insurer would have seen a probable. Unlike individual insurance, group individual covers a given group that is affected by related risk. In group insurance, a member’s medical history does not constitute to an insurer since the risk would have been spread among the members insured. In addition, the good health medical conditions are balanced with poor condition. The risk bared by insurer is in these cases bared by the group. This is called spreading the risk.
Individual health insurance has several benefits. First, the individual insured is the sole owner of the policy. This is unlike a group whose insurance policy may be cancelled or changed anytime. In addition, an insured may choose the kind of coverage he wants rather than employer wants. In individual health insurance policy, the insurer cannot end the policy unless the insured does not make payments (premiums).These advantages have made individual health plan to be popular amongst people.
Aging is inevitable. As an individual’s age approaches 65 years, the most effective insurance plan becomes Medicare supplement insurance. This insurance plan is however limited to the ageing and serves as a saving for beneficiaries. It is worthy to note that Medicare insurance does not cater for elderly. This two should be distinguished to permit understanding among people.
Online health insurance quotes
Technology has done us good. You do not have to struggle order to get an insurance quote. It is simple: you can get all insurance quotes online by searching for them using search engines. These insurance quotes basically describe the situation or character associated to insurer or insured. For instance, an insurance quote. Nobody likes insurance companies, especially cheap health insurance. Some of these quotes are short and precise e.g. America does not have health insurance. In addition, some insurance quotes show attitudes of insured on some insurance company. Example: people do not trust private insurance health companies for the right reason. There are thousands on insurance quotes only. Businessmen always refer to the when either making either analysis,descision or comparing shared knowledge among the interlects.