An insurance is basically a contract between two parties i.e. the insurer and the insured, the first being the one (whether an individual or an entity) who insures; Makes a contract or guarantees that in case of any accident or any loss, it will reimburse or provide damages suffered by the insured.
And the latter is the one who is in a position to receive the claim amount which is generally in the form of financial security against loss and damages caused to the party.
The essence of the statement is that “Insurance is a legal contract between the insurer and the insured, in which the insurer shall provide financial security and reimburse the loss caused to the insured against certain premiums collected by the insurer at the beginning of the insurance policy contract.” .
What is Health Insurance ?
When an insurance policy contract is made between the insured and the insurer to protect or save life which can be done either by providing medical treatment, clinic services, medical examination, doctors at home, ambulance facilities or any other health cover, it is called Often titled as health insurance.
In India, Star Health, HDFC ERGO, Max Bupa, Reliance, PhonePe, LIC, Tata AIG, Bajaj etc provide such facilities to compensate the insured. In addition, health insurance is efficient due to tax benefits, add-ons and financial backup. Other than this
deductible limit. It offers an indemnity plan based on several factors.
The Indemnity Plan consists of :
This includes the cost of treatment and hospitalization of the insured.
Family Floater Insurance
It is a single health insurance that covers all the members of the family.
Senior Citizen Insurance
This includes the cost of treatment and hospitalization of persons above 60 years of age.
Covers all expenses after the period of pregnancy.
Group Medical Insurance
Single health insurance for all group members.
Fixed Benefit Plan
It covers the expenses for routine health check-ups.
It provides a lump sum amount for the treatment of critical illness.
It gives financial assistance in case of accidental death or permanent, complete or partial
Hospital Daily Cash Benefit Plan
It gives daily cash benefit on hospitalization.
Determinants For Buying a Top Up Health Insurance Plan
- 30 Days prior and 60 Days Post Hospitalization
It covers the medical expenses that are incurred before and after the patient is admitted to the hospital.
- Family Floater Option
It provides health insurance coverage to your loved ones.
- 540+ Day Care Treatments
This also includes minor medical procedures that require less than 24 hours of hospitalization.
- 15000+ Cashless Network
During medical emergencies, don’t worry about arranging funds.
- Annual Health Check-up
For all adult insured members of the family.
- Organ Donor Cover
For medical expenses incurred by the organ donor during the transplant surgery.
- Covers ICU Charges
Don’t worry about not covering significant medical expenses.
What Does My Health Insurance Covers ?
An insured person may be curious to know the coverage of an insurance premium plan, so the question arises, what does my health insurance cover?
The answer to this question is, premium includes ambulance services, emergency services, hospitalization facilities, maternity and neonatal care, mental health services, prescribed medications, rehabilitation services and equipment, laboratory services, preventive services, pediatric services.
Things To Consider When Choosing Health Insurance
- Monthly Premiums
Benefits Of Having a Health Insurance
Many people across the world and in our country are living their life without a secure health insurance policy. Some may not be interested in sinking their money in paying premiums for future health reasons. But this is a serious problem for now and for future examples.
Promoting healthcare is important for every individual and an institution for their personal safety as well as tax benefits and deductions. Safety of life and health is the prime concern for every individual, and it directly leads to the safety of that person’s loved ones and family members as well as one’s life.
Along with this, health insurance provides coverage and indemnifies the insured in case of any bodily damage. Health care expenses are also covered with critical illness.
The total health expenditure in Canada in 1978 was about 40 billion, while in 1995–1997 it reached about 80 to 85 billion and in 2009 it reached about 140 billion.
What is Employer Sponsored Health Coverage?
‘Employer-sponsored health coverage’, the term refers to health insurance provided by employers to their employees, is the most common form of insurance obtained by US citizens.
However, employer cover alone is not sufficient. One should not rely solely on group health cover, it is not enough. In the event of job loss (for any reason), the employee will not be insured.
To get rid of this problem, it is very important for a person to have health insurance. Unlike most civilized and industrialized countries, US policy encourages and subsidizes the workplace as the primary means of managing access to health insurance. It helped in rapid growth after World War II, inspired by a favorable tax policy, starting out as social insurance with community ratings.