Scope and benefits of Health Insurance

Health insurance, scope, and benefits.

What is health insurance?

Health Insurance is a coverage plan that protects you against risks due to several medical conditions. This may include serious illness, chronic diseases, physical injuries, disablement, or even death. Most policies cover all expenses before and after the hospitalization period.

The purpose of health insurance is to protect you and your family by indemnifying for expenses that may arise from unexpected injury, illness, or other health risks. Today, medical treatments are so expensive if you want to get treated in a good hospital so you should not contemplate whether to invest in a health insurance policy or not. Life is completely unpredictable today and you should feel lucky that you have a choice to secure life by getting financial protection against the major risks to your life.

With several players in the insurance sector, you are at liberty to opt for a policy that is not only pocket-friendly but also fulfilling our requirements. Typically, every insurance company offers several plans, and based on your pre-existing medical conditions and family health history, you can better that's your budget and needs.

The scope of an insurance policy.

As a policyholder, the policy extends over several situations which are described below:

1. You will go cashless for all the transactions under medical treatment across a network of hospitals under the insurer. In case, the hospital where you were referred for treatment is out of that network, you will be reimbursed for the amount you paid.

2. Amount spent on treatment pre and post-hospitalization as well as charges for daily case health services after discharge

3. All the expenditure on maternity and newborn care.

4. Amount spent in laboratories for the medical tests.

Benefits of a Health Insurance Policy

Health insurance is indispensable when it comes to financially safeguarding your family and yourself in case of any eventuality. While the benefits of an insurance policy are many, it is important to compare and opt for one that serves your purpose in particular against popular market trends.

1. Having a health insurance policy covers you with the consultation fees or visiting a doctor.

2. In case, you are referred to specialists where the consultation fee is higher and need to go for monthly checkups, your policy will cover you with all the charges.

3. In the event, you are hospitalized as a result of some serious disease or illness, your insurer will meet all the hospitalization expenses including treatment, laboratory tests, medicine costs, accommodation, catering, laundry services, etc.

4. Usually, the insurance companies cover the cost of drugs recommended by the physician. This may include the medicines obtained from the hospital’s pharmacy, or from a chemist accredited by the insurance company.

5. A health insurance policy typically covers the costs associated with lab tests recommended by the doctor before starting the treatment or analyzing the problem.

6. Some insurance companies include an ambulance benefit.  In this event, the insurance company provides an ambulance to take you to the hospital in case of an emergency.

7. Another one of the many benefits of a health insurance policy lies in the fact that the policy can extend coverage to the insured's parents/parents-in-law, spouse and children.

Several Insurance companies offer health insurance depending on the region or area you are from, but some insurance companies have established an international presence in most countries.