What is a health insurance policy?
A health insurance policy is a contract between an insurer and an individual or a group, in which the insurer agrees to provide specified health insurance at an agreed-upon price the premium. Depending on the policy, the premium may be payable either in a lump sum or in installments. Health insurance usually provides either direct payment or reimbursements for expenses associated with illnesses and injuries. The cost and range of protection provided by the health insurance will depend on the insurance provider and the particular policy purchased. These days, most companies give the benefit of health insurance to the employees. However, in case your employer does not offer a health insurance plan, it is advisable to opt for a health insurance scheme.
Why do you need health insurance?
Health insurance has become a necessity in today�s world considering the rise in the cost of medical care and treatment and the huge population of the country. The escalating cost of medical treatment today is beyond the reach of the common man. Even if an individual is healthy and has never had any major problem, it is not possible to predict what may happen in the future. There is a growing public awareness for better health care and desire to have better health care from private medical providers. In case of a medical emergency, cost of hospital room, doctor�s fees, medicines and related health services all add up to a huge sum. In such times, health insurance provides the much needed financial relief.
Who can avail this facility?
Health insurance can be availed by people aged between five and seventy five (The upper and lower age limits may vary slightly depending on the policy). The health insurance scheme could either be a personal scheme or a group scheme sponsored by your employer.
What does it cover?
In anticipation of unexpected events that create the need for medical goods and services, the health insurance does not cover certain ailments. It does not cover ailments in the first year after the policy is taken. It covers hospitalisation charges for:
- Heart attacks
- Strokes
- Prolonged illnesses
- Loss of limb, eye, or other parts of the body due to accident
- Injuries
- Maternity expenses
- Medicines
Written by:DoctorNDTV Team
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