Definition of Health Insurance: The insurance contract by which an insurer undertakes to pay up to a stipulated amount on account of medical expenses for the insured person or his family is called Health Insurance.
General insurance companies provide health insurance facilities in the form of Mediiclaim Policy. Under media claims arrangement, the insurance company charges a nominal premium for one year and in return undertaken to pay up to rupees five lakh to meet the cost of treatment against the diseases mentioned in the insurance policy. These diseases are heart problems, cancer, tumor, asthma, etc.
Types of Health insurance
Health insurance provides the following types of coverage-
- Basic Medical Expenses: It covers the hospitalization expenses up to the sum assured limit.
- Cost of Treatment: It Covers the costs of treatment including the consultation fee of doctors.
- Mahir medical Expenses: it covers the cost of catastrophic illness.
- Disability income: It replaces the income lost by the insurance while he is unable to work.
BENEFITS OF HEALTH INSURANCE
Health insurance has many benefits. It protects insurer and your family from financial losses in the same way that home or car insurance does. Even if you are in good health, you never know when you might have an accident or get sick. A trip to the hospital can be much more costly than you might expect. Consider these facts:
- The average cost of a trip to the emergency room for an adult is about, not including any tests or hospitalization, which may increase the bill to well over
- A broken leg can cost up to.
- Average costs for childbirth are up to and well over for C-section delivery.