Health Insurance

Health insurance covers the cost of an insured individual's medical and surgical expenses. Subject to the terms of insurance coverage, either the insured pays costs out-of-pocket and is subsequently reimbursed (reimbursement) or the insurance company reimburses costs directly (cashless)

Need for Health Insurance

Medicare or medical costs are rising year on year. As a matter of fact, inflation in medicare is higher than inflation in food and other articles. While inflation in food and clothing is in single digits, medicare costs usually escalate in double digits. For an individual who hasn’t saved that much money, arranging for funds at the eleventh hour can be a task. This is particularly daunting for seniors, given that most ailments strike at an advanced age.

Need for Health Insurance

One way to provide for health-related / medical emergencies is by taking health insurance. These policies offer considerable flexibility in terms of disease / ailment coverage. The insurance plan disburses the payment towards surgery/illness as per actual medical expenses upto the amount of sum assured, which is called indemnity cover. The important thing is that policy continues even after the claim payment as long as the Insured person pays the premium.

With health insurance, you are assured of a more secure future both health-wise and money-wise. This makes health insurance critical for individuals, especially if they are responsible for the financial well-being of the family. Even if a person is young and healthy they must take the insurance as soon as possible because once a person is diagnosed with any disease then chances of getting a policy like Health or Term Plan is limited. Rather than ruing all life about not taking a policy when they were in fine health a Person should consider buying the policy just like they do for a Motor Vehicle because it is compulsory