Health insurance is one type of insurance that you just cannot afford to avoid. Health insurance is a cost effective way of taking care of all your medical expenses. A health insurance policy covers up all types of health related issues such as blood pressure, dental problems, surgery, accidents etc. Health insurance is basically a contract between an insurance company and an individual and his sponsor. The contract can be annually or monthly. The various types of health care costs that will be covered by the health insurance company are specified in advance. It also depends upon the type of premium charged on that policy that an individual is liable to pay the insurance company. In America Health insurance is mostly determined by government sponsored welfare programs. Most MNCs cover their employees under the instant health insurance plans.
In the year 1694 Hugh Chamberlen from the Peter Chamberlen family created the concept of health insurance. Accident insurance was offered in the United States by the Franklin Health Assurance. The insurance cover was initially only for steamboats and ships. In the United States it is mandatory for an individual citizen to have a health insurance cover as it protects you and provides you with various health benefits. According to a study conducted by Cambridge Hospital, Harward law School and Ohio University about 62% of all personal bankruptcies in the United States were due to an inability to bear medical costs. Health insurance is compensated by insurance companies by charging a fixed rate of premium on an insurance policyholder. Also people need to be very careful when going for a health plan and a health insurance plan as there is a vast difference between the two.
The United States health care system depends heavily on private health insurance, as most Americans depend on it. Health care accounts for nearly 16% of the country’s GDP. In the year 2007 a total of $2.26 trillion were spent on healthcare costs in the country which accounts to about $7,439 per capita. According to recent estimate made by the CDC (Center for Disease control and prevention) about 58% of all Americans have health insurance. Getting a health insurance policy can be costly as health care costs across the United States rise faster than wages and inflation. Hence most lower income Americans opt for government sponsored welfare programs such as Medicare and Medicaid. According to a study by researchers, the spending for socialized Medicare is set to grow from $500 billion during 2009 to $930 billion dollars in the year 2018.
Ever since the president pledged his support for universal health care, there has been a boost in the number of Americans applying for socialized health insurance. The recently introduced Affordable Care Act has helped give a boost to a new competitive private health insurance market which is supported by state run health insurance programs, which would help millions of American citizens especially senior citizens in covering various medical expenses. You can look up the internet for any type of comprehensive health insurance quotes provided by these companies that fits your budget.
Author Resource:
Dan Wright is the author of this article on Instant Health Insurance Quote .
Find more information about Instant Health Insurance here.
![[Valid RSS feed]](http://www.look4articles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
![[Valid RSS feed]](http://www.look4articles.com/images/rss.jpg "XML Feed For RSS")