What is Health Insurance?
Covid has forced a lot of people to take Health insurance plans.
Health insurance is a contract between the insured person and an Insurance Company that covers all costs related to medical expenses of the insured in exchange for a fixed annual premium. This cover can be bought for an individual or for an entire family and can be used to seek adequate medical help in case of an emergency or even a pre-planned medical procedure without worrying about the financial implications.
Most salaried individuals do get medical insurance cover from their company, but do note that in today’s time of distress, layoffs and companies going belly up, being dependent on a company cover is not sufficient. Both term insurance and health insurance have their distinct set of benefits while being two of the most crucial types of insurance plans. This is why it’s imperative that you include both in your overall financial portfolio. While term insurance offers financial aid to your nominated beneficiaries in case something unfortunate were to happen to you, health insurance, on the other hand, is designed to cover any medical costs you might have to incur in the case of hospitalization and/or critical illnesses.
Why are people opting for Health Insurance?
Like we said, medical emergencies due to COVID complications can strike anytime and can put your finances under considerable stress. In such cases, planning in advance is the best thing to do.
The primary objective of taking Health insurance is to cover and get reimbursed the actual expenses incurred while treating illnesses/medical conditions within the policy sum assured. It is good to know that awareness on medical and health insurance is going up in India.Having a health insurance policy surely gives you peace of mind knowing that you will get much-needed financial assistance when dealing with any medical contingencies. Additionally, a health insurance plan takes care of not just hospital expenses and costs but also handles both pre-and-post hospitalization expenses. Moreover, one can choose from a wide array of health insurance plans available in the market. Each plan is designed to take care of one’s personal health care needs while offering a different set of benefits.
Do you know questions to ask your health insurance provider for your customized family policy? Know more
Do you realise you can port out to a better provider even if you have already signed on with your insurance provider. Some of the benefits are a game changer in this newly evolving field. And if you are able to port out to a better provider, you are probably bettering your chances of network hospitals, coverage and tenure.
Reach out to us for a discussion on how to get the best health insurance for you and your family.
