What is Health Insurance?
Health insurance is a form of coverage that assures the medical and surgical expenses applied on an individual, who has access to this insurance. The healthcare provider i.e. clinic, hospital, doctor or pharmacy are referred to as the ‘provider’. Whereas, the individual who holds access to the health insurance coverage, is termed as ‘insured’. The main idea behind the insurance policy agreement is to provide the insured individual cashless (all expenses covered) medical treatment in case of an emergency where the insured falls ill or is afflicted with an accident that leads to hospitalization or urgent medical intervention.
Why do you need Health insurance?
Health insurance can play an imperative role during medical emergencies. Buying health insurance coverage for yourself and your family can save you from the trouble of medical treatment inflation in tough times or situations. Receiving healthcare services can be expensive and even more costly in the private sector. Therefore, if a sudden medical emergency takes place where you or your loved one requires immediate medical assistance. The Hospitalization and treatment cost can potentially derail your finances or put you in debt. To avoid such circumstances, it is better to invest a small amount annually, that could save you the financial troubles amidst such medical crisis.
How a Health insurance policy works?
A good insurance policy covers expenses from routine doctors’ consultations, medical tests, ambulance charges, hospitalization and sometimes even the medical facilities acquired during the recovery period. Depending on the type of insurance policy opted, the insured could either pay the due cost of medical treatment from his own pocket and receive a reimbursement. Or the insurer makes the due payment directly to the healthcare provider. Furthermore, health insurance policies come with short term and long-term plans, in accordance with the employment type and status of an individual.
Advantages of being ‘Insured’
A Health insurance policy intervenes as a saviour in times of medical emergencies when the insured individual is afflicted by an unfortunate event. The insurance covers for their entire treatment and medical expenditure without any hassle. The policy includes medical check-ups, transportation cost, pre and post hospitalization charges up to a period of 60 days. Moreover, the health insurance also provides tax benefits and no claim bonuses according to the type of insurance plan purchased.
The right Health insurance policy!
Most of the insurance companies provide similar health insurance plans. However, to select the best plan that suits your needs, you should pay particular attention to minimum age of entry and renewability claim, sum assurance, inclusion and exclusion policy and other benefits, before you go on to purchase your Health Insurance.