Question

what is the purpose of medical insurance?Research one insurance remember to include eligibility, type, and services covered

Answer 1

Medical insurance is a type of insurance coverage that covers the cost of an insured individual's medical and surgical expenses.

Depending on the type of coverage, either the insured person pays for the costs and is then reimbursed, or the insurer makes payments directly to the provider.

Under health care insurance you choose a plan according to your needs and agree to pay a certain premium each month. In return, your health insurer agrees to pay a portion of your covered medical costs. The payments by your health insurance are based on discounts they negotiate with doctors and hospitals.

Need for Medical Insurance?

Medical costs are rising each year. Thus, for an individual who does not save enough money, arranging for funds at the time of an emergency can be a task.

One way to provide for medical emergencies is by taking health insurance. It offers considerable flexibility. For example, certain health insurance plans cover as many as 30 critical illnesses and over 80 surgical procedures. The policy continues even after the benefit payment on selected illnesses.

Health insurance cover keeps you ready to access the best medical facilities

Health insurance is the mutual agreement between the insurer and the insured. The health insurance coverage depends on the policy you have purchased. You should always opt for the best coverage health insurance plan for you and your family. The high coverage health insurance plan will provide you financial security during the unseen medical emergency.

Most of the health insurance plan is designed with a bundle of benefits:

1. Cashless Treatment: The health insurance service provider has a long list of impanelled hospitals. If you will buy a health insurance policy, then you will be eligible for getting cashless treatments in the impanelled hospitals of the service providers.

2. Pre & Post-hospitalization expenses: The health insurance plans offer the coverages for pre and post-hospitalization expenses. Most of the policies cover 30 days for pre-hospitalization expenses and 60 days for post-hospitalization expenses. However, some insurance service providers offer coverage for more days.

3. No Claim Bonus (NCB): No claim bonus is a reward given to the policyholder at the time of policy renewal. NCB is only provided to the insurer if he/she has not raised any claim during the previous policy year. NCB is rewarded as an increasing sum assured or in the form of a discounted premium.

4. Hospital Room Rent: Most of the health insurers in India provide coverage for hospital room rent. The coverage of hospital room rent depends on the premium paid by the policyholder or the Sum Insured amount of the policy.

5. Annual health checkup: If you will buy a preferred health coverage plan then you will get the free health checkups. Usually, 18+years old policyholders get the annual health checkup benefits in a policy year.

6. Domiciliary Treatment: This treatment is provided at home only after the recommendation of doctors. This treatment is highly beneficial for old age persons or differently-abled persons.

7. Emergency ambulance coverage: The healthcare plan also provides the ambulance expenses incurred on the transportation of insured from one place to another. This facility reduces the need for arranging a transport facility during an urgent health emergency.

8. Organ Donor Expenses: Another considerable benefit of buying health insurance is the coverage of organ donor expenses. If this facility is not listed in your basic health insurance plan, then it may be offered to you as an add-on cover.

9. Day-care procedures: Some medical treatments require only a few hours. Most of the healthcare plans are designed with a long list of day-care procedures. If the required surgery or treatment can be provided to the insured in less than 24 hours, then such treatment is covered under the day-care procedures. You can check the day-care procedure list in your policy after getting the policy documents.

10. Daily Hospital Cash benefit: Daily hospital cash benefit is credited to the policy-holder account directly. The amount of daily cash benefit depends on your policy terms and conditions. This feature allows you to manage your daily expenses.

The benefits of Health insurance plans are endless. But the most important benefit of a health insurance policy is financial security in your life during the medical emergency. So, always plan for a high coverage health insurance plan and enjoy your life