What is Health Insurance?
Health Insurance referred to as medical insurance or simply mediclaim is a way to pay for healthcare. This is an insurance coverage that covers the illness or injury, medical and surgical expenses of an insured individual. It protects you from paying the full cost of medical bills.
Need of Health Insurance
It is important to have a health insurance plan in a country like India, where the Human Life Index ranks very low. Very few are aware and realize the importance of Health Insurance. Life may surprise you any moment with accidents and illnesses. And if you do get hospitalized, then over-the-top healthcare expenses may be difficult to pay from your own pocket. So every individual must buy a medical insurance plan that includes medication and hospitalization costs. At the last moment, arranging large sums of money to treat medical emergencies is difficult if not impossible for most individuals. Therefore being prepared is the only way out.
How Health Insurance works?
The individual, also known as the insured, pays a certain amount (subject to conditions) once each year, known as premium, which keeps your insurance policy active. This Policy will mainly cover hospitalization expenses. The policy included the covers such as hospital bed, surgeon’s fees, nursing, operation charges and other things.
If you undergo treatment in a hospital that provides a cashless service. Then you only need to give your medical policy details to the hospital and the hospital directly claim the money from the Insurance Company. But if the hospital does not provide cashless service, then you need to pay the medical bill first and later by submitting the relevant documents, bills, and receipts to the insurance company. They will refund the money to you.