Wherever a person may be, it is of common knowledge that he needs something to help him pay the medical bills in case of a medical operation.
What if you don't have the money to cover for the operation? Will you just ignore your ailment? This is what health insurance seeks to avoid.
As such, it is important to know the common requirements that must be present on all health insurance plan.
First is the risks of insured against.
This may refer to the ailments or sickness that is covered by the plan.
Examples are heart problems, diabetes, tuberculosis, and others.
Some companies offer an extensive coverage that may include any or all ailments.
Second is the person subject of the plan.
This is important because if there is no person that is covered by the scheme, there will be no coverage to speak of.
Third is the providing company's undertaking.
The undertaking of a company is stated in the policy or contract.
All the requirements, what to do, what not to do, and other stipulations are stated therein.
The most important undertaking of a company is to pay the person insured against in case the risk insured against came to reality.
Fourth is the payment of the premium.
This is the money paid for by the insured party as a payment for the time which he was secured by company.
The premium is paid monthly, quarterly or monthly, or it may depend on the agreement between the party insured and the company.