Health Insurance

What is Health Insurance?

Health insurance is an insurance which cover the cost for an insured individual in regards to medical and surgical expenses. In laymen terms, in health insurance the insurance company assures to pay off all his expenses related to medical issues. Majority of the times, the company pays the cost of expenses directly to hospital where the treatment has been done. In some cases, the insured also gets reimbursement of the expenses.

Health insurance covers you against all the expenses incurred for availing the medical facilities at a hospital occurred due to an illness or injury.

Importance of Health Insurance

Structure of Medical Facilities

Today everyone looks forward to avail the best services specifically towards medical care. The structure of government hospitals in India is not that good, hence everyone moves toward private hospitals. However, the cost of getting a medical care at private hospital is quite expensive. Medical exigencies come all of a sudden and majority of the time people struggles to arrange high funds at the last moment. If you have a health cover in place then you do not need to worry about the expensive structure of the medical care. As it will be paid by the insurance company. So, there will be no financial burden on your shoulders.

Rising Cost of Medical Facilities

Other than this the cost of medical care facilities is increasing day by day, if we look from inflation point. The inflation rate of medical industry is very high in comparison to other basic requirements. The estimated cost is escalating at a rate of 10% every year. To tackle this particular challenge, a health cover is required so that the burden of rising cost should not hit you all of a sudden.

Old age requirements

As you grow older in your life, you become more prone to diseases and become ill quite frequently. You need a regular medical care in place. That medical care definitely going to be expensive for you and at that point in time you have a limited income. It will become very difficult to manage your medical expenses at that time. Hence, you need a cover in place which will take care of your financial needs in relation to medical expenses.