Understanding Insurance Terminology

Understanding Insurance Terminology

Health Insurance: Benefits Of Taking Out A Policy For You And Your Family

by Vilma Maki

With the onset of the COVID-19 pandemic, populations across the globe became more aware of the devastating consequences that the virus bears after an infection. The cost of medical bills for most patients would skyrocket, leaving families in debt.

Footing for medical bills out of pocket can add up quickly. Health insurance becomes an easy and cheap option to embrace. With a health insurance policy, you don't have to worry about paying for lump sum medical bills after an accident.

Medical care has and will continue to be expensive in the private sector in the modern world. A good and reliable health insurance policy can accord you the proper medical care at a fraction of the cost.

Here are some of the benefits of a health insurance policy.

Health Check-Ups

A significant benefit of taking out health insurance is health-check ups. Most insurance providers offer annual preventive health check-ups to ensure their clientele are in tip-top shape.

Being aware of your health and how it progresses can help you make adjustments to your lifestyle.


Most health insurance providers allow for the transfer of health insurance policies to a new insurance provider. This allows you, as the policyholder, mobility with guaranteed health insurance wherever you go.

As a policyholder, you get to enjoy the benefit of trying out different health insurance plans to ascertain which is the best for you.

A Medicare advantage coverage plan offers the flexibility of getting medical care from different hospitals. The plan involves coordinated medical care, which ensures ease of communication to other specialists or hospitals. You, therefore, don't need to worry about your medical records once you change hospitals.

Cashless Claim Benefit

As a policyholder, you also get to enjoy the benefit of getting medical care without spending money out of pocket. Most insurance companies have links with hospitals to provide cashless treatment options. If you are hospitalized, you don't need to worry about raising money to foot the medical bill.

A Medicare Advantage Plan gives you the convenience of selecting whether you require hospital insurance or medical insurance.

No Claim Bonus

Aside from covering your medical expenses, insurance policies also provide bonuses to policyholders who fail to claim during the policy period. The bonus can then be applied to your coverage, where you get to double your health insurance coverage at no extra cost.


The human body is susceptible to a myriad of diseases and infections. By taking up the right health insurance policy, you can half the risk of serious illness by actively monitoring your health.

To learn more about Medicare, contact a company like Franklin Benefits Group.


About Me

Understanding Insurance Terminology

After we purchased our first home, we realized that it might be a good idea to evaluate our insurance coverage. Although we had purchased homeowners insurance before, we had never owned a policy as large as the one we would need for our new place. Also, our new home had a trampoline and a swimming pool, which made us worried about liability. To iron out the details, I decided to meet with our insurance agent. We talked about things like monthly premiums, coverage limits, and deductibles, and it was incredible to learn more about the terminology. This blog is designed to help you with the same types of questions.