Medical cover, also known as health insurance cover, is the financial protection offered to individuals and their families against unforeseen medical expenses.
Medical cover is available for:
-
Group: These medical plans are usually available directly through an employer, company, society or union. This insurance cover is written for several people under a single master policy. In this policy, the employer may carry part of the cost or pay the whole monthly premium.
-
Individuals: This covers treatment costs of only an individual or a family. An individual major medical insurance scheme covers almost any medical requirement that may arise. The individual cover is usually more expensive than the group medical cover.
Need for Medical Cover
Here are a few reasons for which you must opt for a medical cover:
-
People without a medical cover need to pay medical and hospital bills from their own pocket when they or a family member contracts a disease. The medical expense is usually high and may even lead to serious financial woes. This may lead to unwanted changes in your lifestyle.
-
In the absence of this cover, your family will have to settle for public healthcare facilities. This may delay the cure, as the number of people trying to take advantage of such facilities is large. Moreover, you will still have to bear the cost of expensive operations, as they are not covered under public healthcare.
-
Many uninsured people prefer to use emergency care as their source to medical facility. As a result, they get medical treatment for injuries or illnesses only when their condition becomes critical.
-
Several people with no health insurance abstain from going to doctors for prescriptions. Instead, they settle for over the counter (OTC) medicines even for serious health problems, exposing themselves to greater danger.
Types of Medical Cover
There are various types of medical cover available:
-
Short-term medical insurance: It provides cover to the people who are temporarily in need of a medical insurance. People eligible for this insurance are:
- Unemployed
- College students
- Those who are dependant on their families
-
High-deductible medical insurance: This medical insurance covers all the medical expenses of:
- A self employed person
- Employee of a company with 50 or less workers