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Health Insurance

Health Insurance--- History

The earliest form of health insurance (aside from life insurance) was "accident" insurance.

Accident insurance typically paid a specific, pre-determined amount to the policyholder in the event of an accident. It really worked more like today's disability insurance. This was the sole type of insurance available in the United States until the mid-19th century.The true precursor to modern health insurance began in 1929 in Dallas, Texas. Justin Kimball created Blue Cross as a way for local teachers to pay a hospital 50 cents each month, so that when they later went to that hospital to have children, they wouldn't be charged. This was actually pre-payment rather than insurance, although some of them probably never had children.

This hospital maternity plan evolved to include sickness and injury care as it does today. It still only covered the hospital charges. Then Blue Shield was created to cover the growing expense of doctors' care.

Health Insurance --- Health Insurance Overview

In 2004, almost 46 million Americans had no health insurance. Healthcare costs can be very expensive, and the cost of even the most basic care is steadily rising. So, health insurance premiums are rising along with them. Employers typically bear the brunt of the expense for health insurance, but individuals are paying more and more each year as well.

What exactly is it you're paying for, though? Where does your monthly premium go if you don't get sick or go to the doctor? What do you do if you're not working or you're self-employed? What's the difference between all of the various plans there are to choose from? The maze of information you have to wade through about plans, co-pays, co-insurance, deductibles and more is enough to make your head swim.

Health Insurance --- Health Insurance Defined

Insurance is a bit like a gamble between you and the Health insurance company. The company bets that they'll take in more money in premiums than they have to pay out in benefits, whether it's for health insurance, auto insurance, life insurance or homeowners insurance. You're paying a premium every month just in case something happens. Health insurance is a contract between you and the Health insurance company that says that the Health insurance company will pay a portion of your medical expenses if you get sick or hurt and have to visit a doctor's office or hospital.

However the amount of your bill that the Health insurance company will pay and under what circumstances (known as coverage) will vary greatly from policy to policy. The contract (or policy) spells out what the Health insurance company will pay for and how much of the bill you will have to pay. For example, the policy may cover an office visit but you may have to pay a $20 co-payment. Or, the policy may not cover anything until you've paid at least $250 out of your pocket (known as a deductible). The policy will also state the amount you have to pay each month for the coverage, known as the premium, and the total amount the Health insurance company will pay out for the life of the policy.

Since a single hospital stay could wipe out your savings (and more) not many people can afford to go without some kind of health insurance -- even if they're healthy. Not only will health insurance protect you from bankruptcy in the event of a major medical event, it also gives you peace of mind.

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