Health insurance is insurance that provides a payment in the form of benefits if a person receives an injury or becomes sick. It includes money for any losses that a person might have from an accident, medical expense, disability, or accidental death. There are two main forms of insurance providers that include the government and an insurance company. The insurer will estimate the overall risk of the expenses related to health care among the individual or group. This is the best way for the insurer to create a finance structure like the premium that the person would pay each month. This makes sure that the money will be available to pay for the health care benefits that was specified in the agreement with the insurance provider (Insurance, 2011).
The benefits from the health care provider will be administered through a private business, nonprofit clinic, or government agency. Most of the time, there is going to be a contract between the individual or business and the insurance provider. The contract can be renewable for monthly payments and annually payments or lifelong like a private insurer. Depending on the laws of the nation, the health insurance might be required for everyone who lives in the nation to have. The contract will clearly state the type of health care that will be provided along with all of the costs that will be covered when it comes to a person’s health care issues that they might need the health insurance for (Sora, 2016).
Each one of the provinces in Canada will administer their own program for health insurance. Therefore, it is going to be funded by the federal government in Canada. The Canada Health Act states that all of the residents of Canada have to have free access to the medical services that they might need. Most of the time, the care will be delivered by doctors and nurses that work in the long term care facilities and hospitals in Canada (Madore, 2005).
References
Insurance. (2011). Health Insurance. Retrieved on May 26th, 2016, from
http://www.bestinsurancepolicy4all.tk/2016/05/health-insurance_12.html.
Madore, Odette. (2005). The Canada Health Act: Overview and Options. Retrieved on May 25th,
2016, from http://www.lop.parl.gc.ca/content/lop/researchpublications/944-e.htm.
Sora Templates. (2016). Health Insurance. Retrieved on May 26th, 2016, from
http://www.webinformation101.net/2016/02/health-insurance.html.
