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Medical Insurance

What is medical insurance?

Medical insurance is more commonly known as health insurance in the UK. In the case of medical insurance, the insurer and the insured enter into a legal agreement where the insurer reimburses the medical costs to the insured in case the insured becomes sick or he meets with an accident. Medical insurance is a little different from life insurance. in case of life insurance, a person may buy the policy which is renewable for his whole life at a constant premium rate that he has to pay to the insurer. In the case of medical insurance in the UK, the insured has to purchase it year to year as medical insurance in most cases is not renewable. Moreover even in cases where it is renewable there is no guarantee that the premium rates will remain the same.

Getting a medical insurance

The person who wants to get the medical insurance will have to approach the insurance company. He will then be made to fill out a medical history form in which he has to mention all vital points of his medical history. For example he has state what type of diseases was he suffering from in the past and whether he is suffering from them even now. The person has to get his weight and height measured at the insurer’s office and gets them noted down in the form. He has to mention any allergies that he is suffering from. In many cases a British applicant may get a little discount if he has good health and refrains from drinking and smoking on a habitual basis. The medical history is also needed to screen out applicants with a lot of pre-existing medical conditions.

Common conflicts

There may exist a common conflict between the insurance companies to remain solvent and the insured to remain healthy. For example, there may arise a case of an epidemic where hundreds of people are suffering and they have to be admitted to the hospital. In this case the costs of treatments at the hospital may cost millions of dollars. In this case, if the insurance company meets the claims of all the people, then the company will definitely become insolvent. In case the insurance company does not pay the claims then the patients and their families will be outraged and may take the insurance company to court.

Selection of people for insurance

The medical insurance companies, over the years have marked that people with adverse health conditions or who might suffer from future medical complications are the ones who would like to take up a medical insurance policy. Also it has been observed over the years that many people who have taken up a medical policy may start drinking and abusing drugs as they think that even if they fall sick the have their medical insurance policies to fall back on. Hence it is seen that people will tend to over use medical care when they don’t have enough money in their pockets to meet medical expenses.



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