How does Health Insurance work?
Getting health insurance, you are actually entering a whole range of members who availed the same product as you did. A health insurance just like how most insurance works is they collect all the premiums that the customers pay and put it one fund, wherein a fund manager manages where to put the money in order for it to grow. The premiums you pay are all determined by the risk profile of each person insured, thus when in the older age, premiums are more expensive.
The other side of the equation is that these health insurance companies will have a network of hospitals and doctors wherein they would provide a steady stream of visitors of their services (the insured) and will have ask their network have the services offered be discounted. So once the premiums are paid, these are invested to let money grow. And when someone avails of the services, the insurance companies pay these affiliated doctors money for all their services rendered.
Now, you may be thinking that these insurance companies is getting a lot of money from you especially at times that you don’t get to avail the services as stated in your health card. But the whole ideology is really that you will use this health insurance for you to not shoulder the full cost of your medical services. So it is a win-win situation for all parties.
So how can you get more what you paid for in the health insurance you bought? Well, go for monthly checkups and do all the procedures that are necessary to determine that you are indeed healthy. Not really a big deal for all but isn’t better to have no problems with your health? Thinking of getting a health insurance, check out our comparison table now for you to make the perfect choice.