Concept of health insurance

Health insurance is a type of insurance coverage that covers the cost of an insured individual’s medical expenses. Hospital bills for very small to considerably large ailments are a pain. It’s difficult to meet such costs on our own without burning a hole in our savings. Also, with medical costs escalating, some even compromise on quality healthcare, because of affordability. It is then that the importance of health insurance comes into the picture. Health Insurance provides us with the ability to afford better healthcare facilities for ourselves and our loved ones. What’s more, you can also enjoy tax benefits.

Understanding the Concept of health insurance

Health Insurance in India, popularly known as Mediclaim, is nothing but an Insurance which covers expenses related to necessary Hospitalization due to a Sickness or an Accidental Injury. A standard med-claim covers comprehensive costs of Hospitalization, which include:

  • All costs while in the hospital which include room charges, surgery charges, diagnostic tests etc.
  • Investigation costs before the hospitalization like Medical Tests, Doctor Fees,
  • Costs incurred post-hospitalization for complete recovery, for example, follow up doctor visits, diagnostic tests, medicines connected to the Hospitalization.
  • It includes cost for ambulance
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