Health Insurance
Definition:
Health insurance is an insurance policy which helps in covering all types of hospital bills like medical bills, dental bills and surgical bills. Since the hospital bills can cost more than Rs. 10 lakhs, health insurance policy makes it easier for the insured person in managing the expenses for the surgery and more. This insurance policy helps in providing a monetary fund to the insured person in case of accidents and other mishaps.
Why is health insurance necessary?
Health Insurance is like an emergency fund which will help you pay for the unexpected expenses during an accident or mishap. Since not everyone can afford medical facilities which can cost up to a Lakh per week or month, health insurance helps in easing the payment method. The emergency medical procedures sometimes require various sorts of medical tests which can, in the end, increase the bill of the medical procedures conducted therefore managing the monetary funds during an accident can lead to a lot of confusion and chaos.
Some people end up taking personal loans and shark loans to pay the medical bills and end up receiving heavy debt in the end. The health insurance policy helps in avoiding these situations and provides simpler solutions while paying the hospital bills.
In terms of dental bills, all the dental surgery and repairs can also be covered within the health insurance plan. Since each insurance policy from a company has different terms and condition when it comes to including the types of dental surgery within the health insurance policy, you need to check for all the terms and condition before applying for insurance payment.
How to choose the right insurance company?
When it comes to health insurance, various companies are offering this policy at various rates covering various aspects of health and medical bills. The following factors will help you in choosing the right policy for yourself and your family:
1. You need to check what all types of medical bills will be covered in each policy offered by a company. Some companies might be famous in your city but might not be providing the terms and conditions which you require; shortlist the policies that matches your preferences.
2. After shortlisting you can choose the policy based on the monthly premium they are offering. You can choose the premium based on your economic factors and based on the number of people you are applying for.
3. All you need to do is pay the premium monthly or annually till the date of maturity and you can claim for insurance in case of accident or mishap while your policy is active.
Therefore choosing the right health insurance matters a lot, it determines how much of the medical expenses will be covered in the policy and how much will you need to pay.
