Health insurance provides a necessary financial umbrella against unforeseen medical expenses. A few of the key benefits it embodies are discussed below.
Financial Security
Coverage of Hospitalization Expenses Health insurance encompasses coverage for hospitalization-related expenses like charges for the room, consultation charges, and other procedures.
Covers the Cost of Treatments and Surgeries Pays the charges of a wide range of treatments, surgeries, and medicines as advised by doctors.
Pre and Post Hospitalization Expenses: Most of the plans cover pre-and post-hospitalization expenses that include expenses towards diagnosis and follow-up amongst others.
Access to Quality Healthcare
Choice of Hospitals and Doctors: Health insurance covers you under a network of empanelled hospitals and doctors whereby you get quality treatment.
Cashless Hospitalization: You can avail of this facility to get treated without paying directly for your treatment. It’s pretty useful in case of emergencies.
Daycare Procedures Many plans cover procedures that require less than 24 hours of hospitalization, such as cataract surgery or dialysis.
Additional Health Benefits
Annual Health Checkups A few plans cover annual health checkups and vaccinations as part of preventive care.
Critical Illness Coverage This is an optional add-on that covers a lump sum amount on the diagnosis of critical illnesses.
Maternity Benefits Many plans cover maternity benefits with pre and postnatal care.
Tax Benefits Insurance premiums attract tax deduction benefits in many countries.
Remember Benefits available under a health insurance scheme may differ. It is, therefore, necessary that the policy terms and conditions are read carefully to ascertain the available cover.
Insurance
is a form of defense against loss by which for a consideration, one party agrees to compensate another, contingent upon the occurrence of a specified loss, damage, or injury. A device whereby the risk of pure loss is transferred from one party by means of a contract.
An institution that offers insurance is known as an insurer, insurance company, insurance carrier, or underwriter. An individual or organization buying insurance is known as a policyholder, whereas an individual or entity covered by the policy is called an insured. Therefore, in the transaction of insurance, a policyholder incurs a guaranteed, known, and fairly small loss in the form of payment to the insurer (a premium) in return for the insurer’s promise to pay the insured in case of a covered loss. It may or may not be financial loss, but it must reduce to financial terms and must involve something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.