Health insurance is a specialized insurance that covers a portion or the total risk of an individual incurring personal medical expenses, spread over a number of other persons. For example, an individual who has a chronic condition such as cancer or heart disease would be eligible for coverage under this type of insurance plan. The benefit provided under this type of insurance policy is usually high. The amount of premium paid for a single cobra medical insurance policy will cover the cost of several hospital stays and/or medications. If one has a policy that does not cover the full extent of one's medical expenses at the time of an occurrence, a refund is available from the insurance company to the insured's account.
Medical underwriting is a process through which an insurer determines whether a health insurance policy will provide adequate benefits in terms of the payment of premiums and the reimbursement of claims in case the policyholder develops a health problem that is covered by the policy. Most health insurance policies are sold based on the 'covered benefit' of the insurance policy. A policyholder is responsible for assessing whether the amount he will be reimbursed for a particular ailment is high enough to justify the high premium charged by the insurance company.
There are a number of factors that affect the cost of health insurance plans and you can read more here in this page. One such factor is the age of the applicant. Insurance companies generally refuse to insure young adults because they are more likely to develop certain medical problems in later years. Another factor affecting the premium is the gender of the applicant. Some health insurance companies believe that men are generally less prone to developing illnesses than women, so they charge them a lower premium.
Many insurance companies also look at whether the applicant is a smoker or not. This is because tobacco is harmful to one's health and causes many diseases. Moreover, smokers generally pay higher premiums than non-smokers. On the other hand, people with a history of hospitalization and receiving treatment for cancer are regarded as high risk applicants by many health care providers, so they have to pay a higher premium than others. These people generally avail of group health care coverage from their job, which is offered as a form of health insurance.
Deductibles attached to health plans are another factor that drives up the cost of the premiums. The higher the deductible, the lower the premium cost. However, the deductible should be affordable, so that you can use it to pay for the inevitable health issues.
In conclusion, every individual has different health insurance needs. For that matter, each family has different health insurance needs. So, before buying a family floater health insurance plan, take into account the individual health insurance plan of each family member. That way, you can choose the most appropriate health plan suited for your needs. Do not hesitate to ask questions from your agent or consultant, so that you get clear answers to all your queries. You can learn more about this topic here: https://www.britannica.com/topic/health-insurance.