Health insurance takes care of your medical expenses and ensures that out-of-pocket expenses are curtailed up to the Sum insured.
Health insurance is a good wealth besides money.
In a simple form, health insurance is a product that gives you a sense of security from the incurring expenses of hospital bills at the time of emergency. It covers the medical and surgical costs of an insured person.
It can either be done upfront (cashless treatment) or post-treatment (reimbursement) by the insurer (the insurance company).
Health insurance has now become essential for the individual of all the age group in today’s life of ever-soaring medical expenses. Moreover, following a rise in lifestyle diseases and double-digit medical inflation in India every year, you must have a health insurance plan that fulfils your requirement.
Though private and public-sector employers provide group health insurance, such do not offer all benefits to your family.
Therefore, you always need separate health insurance that covers you and your family. Going by medical expenditures of individual health insurance is essential as uninsured people receive less medical care. Falling sick or getting hurt is not on anybody’s to-do list. It is always unplanned as well as uncertain. Nobody wants to get hurt or fall ill, but still, we all need medical care like doctor’s visits, prescribed drugs, lab tests, and so on at some point in time. As advanced technology has taken the place of those old ways in the health care segment, the cost of health facilities has also increased. At that point of time, health insurance solves the purpose by providing us with financial aids either in the form of cashless or reimbursement.
In addition to the hospitalization, health insurance also gives us the facilities like outpatient care, medication, laboratory tests cost when needed.