What is Medical Insurance?

Medical insurance is designed to protect those who fall ill and require treatment, to offset some of the financial burden of being unable to work as well as many other factors.

Medical insurance is one of the most important and critical forms of insurance that anyone can avail. It is always better to take out a medical insurance earlier. Having a medical insurance means you will always be covered for every aspect of your health even if your condition changes.

Insuring your health comes in two ways. First you need to live a healthy lifestyle, then you should back it up with full medical insurance, you will be guaranteed that your health care needs will be taken care of as long as you live.

What Does Medical Insurance Cover?

All of us cannot afford not to have medical insurance. The medical cost for health care can be overwhelming in the event of an unexpected injury or illness. Without a medical insurance, the possibility of not being able to afford proper medical care increase.

Your medical insurance will cover the basics of regular checkups, hospital visits, visits to your physician, specialist care after referrals, and urgent care visits. Your medical insurance will also cover the agreed upon costs of your diagnostic procedures, prescription, x-ray, MRI, or therapy. It may also be possible to get 100% coverage for surgeries or other medical visits. However, in most cases, your chosen insurance company will shoulder a percentage of your bill, leaving you with a smaller portion.

Deductibles, either per patient or per family is common in most cases. You will pay 100% of all costs until the deductible is met. Once you meet or exceed the deductible, you are only required to pay the co-pay or percentage as stated in your policy. Not all medical insurance policies are created equal, some offer only in-network care while others may offer out-of-network coverage. Some companies require you to have a referral before seeing a specialist while others will allow you to see any type of doctor you want without necessary having a referral.

Be aware that while your insurance company may cover your surgical procedures it may not necessarily cover the entire therapy prescribed by your doctor. You must verify with your medical insurance representative to confirm the coverage for your procedures. Since you will be responsible for any medical bills not covered by your insurance, it is a good idea to refer to your insurance handbook for further information.

Normally, medical insurance does not cover any elective procedure like unnecessary organ transplant, donating an organ or bone marrow, any cosmetic procedure, or anything classified as medically unnecessary.

Medical coverage for your surgery will extend to the after care of the procedure. If your doctor decides to admit you to the hospital for good reason your medical insurance will foot the bill. However, if you underwent a procedure which states a two-day stay is all that is needed and you extended your hospital stay, you could be responsible to pay for the extension.

The data below shows the private sector coverage for New York State. *

Private Sector Coverage

In the year 2010, New York has a higher percentage of private sectors offering health insurance to its employees compared to the entire US.

The percentage of companies with fewer than 50 employees offering health insurance to its employees is significantly higher in New York State compared to the entire US. While those with 50 or more employees is much closer with the national figure.

The table above shows the number of establishments segregated into firms with fewer than 50 employees and firms with 50 or more.

* Data supplied by http://www.statehealthfacts.org/