Is Healcoin Health Insurance?

We grow up knowing that to secure  your health, you need to buy a protection called health insurance, which will settle your bills when you fall sick or get into an accident. It is the health insurance companies that gather these funds from people, promising to take care of their health bills  when they are sick.

Is Healcoin Health Insurance? In the evolving landscape of digital healthcare solutions, Healcoin has emerged as a groundbreaking concept, leading many to wonder if it can be considered a form of health insurance. The first time I heard about healcoins, what popped up from my mind was health insurance. While Healcoins function differently from traditional health insurance, they share certain similarities that make them a valuable alternative for health financing. 

First, What really is a Healcoin?

Heal coins front views

Healcoin is a digital currency built on blockchain technology and specifically designed for use in the healthcare industry. They are primarily utilized within health management systems like the CHUDATS (Community Health Database Networking Management System), allowing users to manage, save, and pay for healthcare services. Unlike traditional health insurance policies that pool your premiums and pay out when your healthcare services are needed, Healcoins work by allowing you to buy and store your money as value and use it whenever you get sick, to directly settle your medical bills. Let’s make it clearer in form of differences and similarities.

 Healcoins vs. Traditional Health Insurance

While Healcoins and traditional health insurance both aim to provide a solution to the rising costs of healthcare worldwide, they do so in fundamentally different ways.

Traditional health insurance operates on a system where policyholders (individuals like you and I) pay monthly premiums to an insurance company like USA Health Insurance, Allianz Worldwide Care. These insurance providers promise to cover eligible medical expenses on our behalf, when you take treatment.

In contrast, Healcoins act as a digital wallet where you store your money, and later use it to make direct payments to any hospital where you are consulted or treated. When you buy healcoins, the value of your money is stored or saved in the Healcoins. You may use them in pharmacy to purchase drugs, or use them to pay for your healthcare services. This gives you the holder, more control over how you manage your healthcare finances.

One thing you need to remember is that Traditional health care insurance plans reimburse a patient (VHI.org). A patient sees a physician and pays the charge for the office visit. The patient then files a claim to be reimbursed for the fees paid (Often, the provider will submit the claim on behalf of the patient as a courtesy). With healcoins, the patient controls his health savings, uses them anytime, and can give out to other patients at will.

Can Healcoins Be Considered a Form of Health Insurance?

Healcoins are not insurance in the conventional sense because, they do not involve the pooling of risk or coverage for unexpected events. However, when you purchase healcoins for your health expenses, they do provide you a form of financial protection and security, that money will be available when you fall sick.

Here is what I mean. With Healcoins, you have:

1. Immediate access to funds stored as a digital currency, which can be used to pay healthcare providers directly and anytime.

2. The ability to save, store, and grow the value of your Healcoins over time, provides a flexible way for you to prepare for future medical expenses.

3. Global applicability and acceptance. This means that any healthcare provider who integrates Healcoins via Healcash API, can accept this digital currency without country-restrictions. This helps in global healthcare access (expanding access to health care services to everyone) without needing traditional insurance coverage.

Healcoins.net

How Healcoins Empower Traditional Health Insurance Systems

Traditional Health Insurance Systems bet on you falling sick in the current year and ask individuals to pay premium so that they cover the risk when it occurs. As such they gather funds from people into a single pool to pay for the health bills.

Healcoins stand as an independent digital health financing tool. Just like the dollars or the euros, they also have the potential to empower and enhance traditional health insurance systems. If you wanna know, here’s how:

1. Heal coins Supplement Health insurance Coverage Gaps

Traditional health insurance policies often come with limitations, such as co-pays, deductibles, and excluded services. When you send your dollars to Allianz Worldwide Care, you are not actually paying them to cover everything about your health. If you pay money to cover only for one sickness like cancer, for fear that it may attack you, all the other sicknesses are excluded in the policy.

Here is how healcash supplements your overall health coverage. You can buy Healcoins to cover expenses that fall outside the scope of traditional cancer insurance – or other diseases. This makes healcoins a valuable supplemental resource if you’re looking to avoid out-of-pocket costs. This essentially acts as a health savings buffer for your healthcare expenses.

2.  Faster and More Transparent Payments

One of the major benefits of a blockchain-based currencies like Healcoins is the ability to facilitate  instant, transparent transactions. Traditional health insurance systems often experience delays in claim processing and payments. So, by integrating Heal Cash APIs into their existing systems, insurance companies can offer their clients a much more efficient and affordable payment solution. This reduces processing time, fees and increases accountability.

3. Increased Accessibility for Under-insured Populations

When it comes to protection by insurance, many people are still under-insured especially in rural communities or poor countries. Since they don’t have access to traditional insurance, Healcoins offer an alternative pathway to financing their healthcare. Healcoins provide a decentralized, borderless method of accessing and paying for medical services, and  reducing financial barriers in under-served communities. This is an opportunity for traditional insurers to close the gap (expand on global healthcare access) by incorporating Healcoins into their systems, to expand and reach these populations.

4. Financial Inclusion

Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way [Worldbank.org]. Healcoins creates financial inclusion for everyone in the entire world. The decentralized nature of Healcoins empowers every users by giving them direct control over their healthcare finances from anywhere. Instead of seeing it as breaking the Traditional insurance model, I see Health savings coins as the greatest leverage that could ever help Traditional insurance systems to improve on their financial inclusion.  Where insurance companies adopt healcoins, they are in effect, allowing people who are excluded from traditional coverage (due to cost, location, or other factors) to be able to access healthcare services and settle a patient’s bills.

 Wrapping up this awesome Health Financing Solution

While Healcoins are not a direct replacement for traditional health insurance,  they offer a complementary solution that can empower individuals to better manage their healthcare expenses. As more health institutions adopt the Heal Cash Payment Gateway in their health management Systems, it is so certain that the role of Healcoins in global health financing is likely to grow beyond expectations. Whether you’re looking to supplement your health insurance or you’re trying to explore new ways to invest in your healthcare future, Healcoins remains the most flexible, secure, and decentralized alternative and the best technological leverage to traditional health insurance systems.