Life insurance: a piece of history
The modern insurance contracts we have today, such as life insurance, originated in the practices of merchants in the 14th century. It is also well known that various types of security arrangements have existed since time immemorial and are in some ways related to insurance contracts in their original form.
The phenomenal growth of life insurance from almost nothing a hundred years ago to its present gigantic scale is not one of the outstanding miracles of business today. In essence, life insurance became one of the felt necessities of mankind because of the incessant need for economic security, the growing need for social stability, and the desire for protection against the dangers of cruel disasters and sudden economic shocks.
Insurance is no longer a monopoly of the rich. Gone are the days when only the social elite enjoyed its protection, for in modern times insurance policies are interspersed with the assured hopes of many families of modest means. It is woven, so to speak, into every nook and cranny of the national economy. It touches the most sacred and holy bonds in a person’s life. The love of parents. The love of wives. The love of children. And even the love of business.
Life insurance as financial protection
Life insurance pays out an agreed-upon amount under certain circumstances, generally referred to as the sum assured. The sum assured of a life insurance policy is intended to cover your financial needs and those of your dependents in the event of your death or disability. Thus, life insurance provides financial security or protection against these risks.
Small Business Health Insurance - The Best Policy Is A Great Agent
Unfortunately, insurance companies are about profits, not people (although they need people to make profits). If the insurance company can find a legal reason not to pay a claim, they probably will, and you, the consumer, will suffer. What most people don’t know, however, is that there are very few “loopholes” in an insurance policy that give the insurance company an unfair advantage over the consumer.
In fact, insurance companies go to great lengths to detail the limits of their coverage by giving policyholders a 10-day period to view their policy (10-day grace period). Unfortunately, most people put their insurance cards in their wallet and put their policy in a drawer or file cabinet during this 10-day period, and usually don’t take their policy out until they receive a “rejection letter” from the insurance company to really read through it.Most people who purchase their own health insurance rely heavily on the insurance agent who sells them the policy to explain coverage and benefits.
Because of this, many people who purchase their own health insurance can tell little about their insurance other than what they will pay in premiums and how much they will have to pay toward their deductible.For many consumers, purchasing health insurance on their own can be a major undertaking.
Buying health insurance is not like buying a car, where the buyer knows the engine and transmission are standard and power windows are optional. Health insurance is much more ambiguous, and it is often very difficult for the consumer to determine what type of coverage is standard and what other benefits are optional.
In my opinion, this is the main reason most policyholders don’t know they don’t have coverage for a particular medical treatment until they receive a large bill from the hospital stating that “benefits were denied.
Supplemental Medicare Insurance - An Introduction
Medicare is able to provide comprehensive medical coverage to most people who use it, but unfortunately it does not cover everything that most people will need. For this reason, many people choose to purchase a supplemental health insurance policy that will allow them to cover the areas that Medicare is not currently sufficient for. This type of insurance policy is commonly referred to as supplemental health insurance or Medicap insurance. This type of coverage is purchased through a regular private insurance company.
Things not covered by regular Medicare insurance include nursing and long-term care, home care, housekeeping, dentures, most types of dental care, private health care, international health care, routine foot care, cosmetic surgery, hearing aids, eyeglasses, and routine eye care. Some of these benefits are of great importance to people who rely on Medicare, and that’s what makes purchasing Medicare supplement insurance a smart idea for many people.
In most cases, you will be allowed to use the supplemental Medicare insurance you purchase to cover the expenses you incur under your Medicare plan. This includes both annual co-payments and annual deductibles.
This type of Medicare insurance isn’t ideal for every situation, so it’s important to work with your insurance provider to find out what type of supplemental insurance will benefit you and your health without you having to pay more than you should. For example, if you already participate in a Medicare Part C plan, known as a Medicare Advantage plan, you should not purchase Medigap supplemental insurance because such a policy will not pay out.
The bottom line is this: Medicare supplement insurance is designed to close the gaps between what Medicare plans are willing to pay and what you must pay out of pocket for coinsurance, deductibles, copayments and non-covered medical procedures.
Many Medicare supplemental insurance plans cover things that are not included in traditional Medicare plans, and that makes supplemental insurance an important part of getting the most out of your Medicare health insurance. If you currently rely on Medicare health insurance but want additional coverage to fill in the gaps, Medicare supplement insurance is a useful addition.
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