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Health Insurance

It is rightly said, "Health is Wealth". Good health is very important to lead a happy, stress free life and it is the duty of the every individual to take care of the matter seriously. Remember that life is full of uncertainties. No one can predict what will happen in the next hour. Hence it is your duty to make arrangements to fight off the impact of emergency situations.
 
As per a health survey reported in the year 2008 by Med India, an Indian health website, only about 3 per cent of the entire Indian population holds an insurance policy. Educating people about the significance of buying health insurance has become the need of the hour.
 
The slump economy is no secret. The expenses are ever rising and earnings have reached an all time low. Paying hospital bills can be a pain in the neck. One has to drain all the savings to pay hospital bills. Buying a health policy provides you with the ability to afford high quality healthcare facilities and enjoy tax benefits too.
 
The Health Insurance Concept in India
 
A health or medical insurance covers expenses related to hospitalization due to an ailment or an accidental injury. A standard insurance plan covers comprehensive costs of hospitalization including the following mentioned below:
 
Health examination costs (pre-hospitalization) such as medical tests, fees for doctor, ambulance costs, hospital room, boarding expenses, surgery consumables, Medical tests etc. You may also be benefitted by reimbursement of costs incurred post hospitalization for recovery such as follow up doctor visits, medicines, diagnostic tests, etc.
 
Buying a health or medical insurance policy ensures you quality financial support during the time of a health emergency and emotional breakdown
 
The Functioning of Health Insurance
 
In India, health insurance is usually offered as a yearly policy. One requires renewing each year. The policy is also subject to certain exclusions and waiting periods. To understand this, you need to read the terms and conditions of policy carefully before signing the dotted line. There are two ways to claim Health Insurance; Cashless or Reimbursement.
 
Cashless
 
Each health insurance organization in India has a network of hospitals where they have a special arrangement for direct billing. This indicates that an insurance company will directly pay the admissible claim amount to the hospital. Now when the insured person is admitted in a 'Network Hospital', the relative of the individual must submit a cashless card issued by the insurance company to the hospital billing desk. The hospital will process cashless admission for the patient. The hospital expenses will be paid by the insurance company. The insured person will have to pay only expenses excluded under the Health Insurance Plan.