Understanding Health Insurance
Health insurance is a type of insurance coverage that pays for your medical services, either in part or in full.
When you buy a health plan, you agree to pay a certain rate or premium to your health insurance company. In return, your HMO agrees to pay your medical bills, provided they are covered by your health plan.
Medical treatment and screening can quickly get very expensive. A health plan not only helps you manage the cost of receiving medical care—whether routine or unplanned, local or international—but also creates an affordable avenue to access high quality medical services.
HMO is an acronym that stands for health maintenance organisation. An HMO provides or arranges managed care for health insurance, self-funded healthcare benefit plans, individuals and other entities, and acts as a liaison with healthcare providers (hospitals, doctors, etc.) on a prepaid basis.
Your employer will only cover your health plan while you are employed with the company. Once you leave employment, you will be responsible for buying an individual health plan to suit your needs.
A moratorium refers to a delay in medical coverage if you have had a pre-existing condition. It excludes all pre-existing conditions for a certain period, usually one to two years, but may then include them after that.