Health Insurances: How Do They Make Healthcare Easy
Having health insurance means having a financial backup not only in times of medical emergencies but to seek healthcare in day-to-day life
Among the various lessons taught by COVID-19, one is how unpredictable is our health. Medical expenses see no weather. Sometimes people might lose their lifelong savings if they or a loved one is diagnosed with a life-threatening disease or someone in the family meets an unforeseen accident. Seeing the nature of these expenses and their suddenness, it is always a good idea to be prepared for them in advance. Health insurance is one way you can save yourself from the burden of this unpredictable expense. In return for a fixed premium, health insurance provides the policyholder financial assistance in challenging health situations.
Having health insurance means having a financial backup not only in times of medical emergencies but to seek healthcare in day-to-day life. It is a type of insurance that pays for the medical expenses incurred by the policyholder. It can pay them directly or reimburse the amount spent from one’s pocket. Usually, it provides coverage for hospitalization expenses, ambulance charges, maternity expenses, and others. However, the scope of coverage may differ from policy to policy.
How it might work in India?
To take health insurance, the insured will first buy a policy. The insurance company will then decide the premium you will have to pay on your health insurance policy depending on your age and income. In times of hospitalization, the insured will have to check if the policy is cashless or not. If it is not cashless, then the insured will pay the bill from their pocket and the insurance company will reimburse their expenses. Some policies provide hospital cash, which will be a daily limit dependent on the days you spent in the hospital.
When you incur a medical expense, you are required to raise a claim to get your insurance company to pay for it. The insurer will then check if the treatment of the illness falls under the scope of your policy. The insurer will then check if the hospital you are receiving treatment at will allow you to avail of a cashless payment or not and will reimburse you accordingly.
Health insurance versus medical insurance
Though the two terms are often taken one for another, health insurance differs from medical insurance in terms of its coverage and scope.
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