ALL YOU NEED TO KNOW ABOUT HEALTH INSURANCE FOR YOU AND YOUR FAMILY

HEALTH INSURANCE DEFINITION, TYPES, AND BENEFITS

HEALTH INSURANCE DEFINITION

Health Insurance is that type of insurance that covers the whole or part of the risk of a person including medical expenses spreading the risk over a large number of persons. Health insurance is a contractual agreement between an insurance company and an individual. The contract can be renewable or lifelong in the case of private insurance, or be mandatory to all citizens in the case of national plans.

In understanding terms, health insurance is that part of insurance coverage that covers the cost of an insured individual’s medical and surgical expenses. Depending on the type of health insurance coverage, either the insured pays cost out of pocket and relives reimbursement or the insurer makes payment directly to the provider, in countries without universal health care coverage like the united states, health insurance is commonly included in the employed benefit packages,

Health insurance is a plan that people buying return for coverage on all kinds of medical care

Most plans cover:

1)  Doctor’s appointments

2)  Emergency room visit

3)  Hospital stays and medications

The idea behind medical insurance is that:

Medical care can be costly, the majority can’t pay for all of it out of their very own pockets but if a set of people gets together and everyone can pay a set amount each month (whether they want medical care at that time or not). The danger is spread out over the entire group. Each person is protected from high health care cost because the burden is shared by many.

Having known what health insurance is about let see importance of health insurance:

IMPORTANCE OF HEALTH INSURANCE

Buying a health insurance policy insurance policy for yourself and your family is important because medical care is expensive especially in the private sector. If the person who brings in the money is not hospitalized, this can be allowed by just paying a small annual premium which would lesser your stress on case of medical emergencies.

A good health insurance policy would usually cover expenses made towards doctor consultation fees, cost towards medical test, ambulance charges, hospitalization costs and even post hospitalization recovery cost to a certain event.

Benefits of Having A Health Insurance Policy.

1)    Cashless Treatment
2)    Pre and post hospitalization
3)    Transportation charge
4)    No claim bonus
5)    Medical checkup
6)    Room rent
7)    Tax benefit

1)  Cashless Treatment: In the area of health insurance cashless treatment as benefit of health insurance policy, you get cashless treatments as your insurance company would work in collaboration with various hospital networks

2)  Transport charges: Insurance Company also pays/covers the amount incurred by the ambulance towards the transportation of insured.

3)  No claim bonus: This is the bonus element which is paid to the insured if the insured does not file a claim for any treatment in the previous year.

4) Pre and post hospitalization cost coverage: Insurance policy covers pre and post hospitalization charges to the period of 60 days depending on the insurance plan purchased.

5) Medical check-up: Insurance policy also provides options for health check-up. Free health checkup is also provided by some insurer based on your NCBs.

Document Required When Buying A Health Insurance Policy.

1)    Age proof

2)    Identity proof

3)    Address proof

4)    Some plans require a medical check-up

5)    Passport photo size photo