Introduction-Health insurance is a scheme designed to pay the medical bills of in individual or a group of people. Social programs falling under the purview of the Government, or private insurance companies, issue Health Insurance Policies in favor of a person or group of persons.
In the event that we summarize the activity of health insurance, we discover that the cost of medical treatment of the policy holder is borne by the insurance company like the common social insurance program of the government. It is the privately owned insurance companies that take the risk of the payment of the expenses on medical eventualities for an individual or of a group.
Disability Insurance and Long -Term Nursing or Custodial Care also fall within the ambit of Health Insurance. In the current scenario a good health policy will cover the cost of routine, preventive and emergency treatment including the reimbursement of cost of prescription drugs.
Monthly premiums are paid to keep the policy live. The insured person must pay an amount from his side to be able to enjoy the advantage of the policy, which is termed as “Deductible”. There could be situations which can become complicated for the person with an individual insurance cover. If he is not covered under the employer’s group insurance policy, the situation possibly will not permit the individual of the policy cover to enjoy the advantage.
Premium-Based on the estimate of the risk involved, a premium or monthly payment is arrived at, which the insured has to pay regularly to keep his policy alive and in vogue. Some of the important terminologies used therein are “Deductible” i. E. Is a basic amount, which the insured must spend first before becoming eligible to draw on his rights under his policy.
If by any chance you do not have this facility; you must not spare any efforts to somehow obtain one without delay so that you will not have to face the expenses of Health Care. Without a Health Insurance cover, you stand the risk of losing all that you have earned over the years, just by the cost of one long stay at a hospital.
Thus, it is sensible to take a health insurance policy which can work positively in time of peril. Just go on paying the monthly premiums regularly to enjoy peace of mind.
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