What is Health Insurance?

Suppose,Your daughter wants to become a doctor. You save all your income to fund her dreams. Unfortunately, you fall severely ill. You need Rs. 2 lakh for your treatment immediately. Now, without a health insurance, You have to compromise your daughter’s future.

But if you have already taken a health insurance then you didn’t face a dilemma of choosing one over the other. Your health insurance took care of your treatment costs. Your savings, thus, remained unaffected by your sudden illness.

In short, If you have taken a Health Insurance Plan, the company guarantees to pay a sum assured according to contract to compensate medical treatments to cure any injury or illness.

Health Insurance usually covers Hospitalization, The treatment of critical illnesses, Medical bills prior to or post hospitalization and Day care procedures like Cataract operations. Moreover, you can also choose add-on benefits like:

Maternity cover: Your medical coverage takes care of you for the costs related to childbirth. This incorporates pre-delivery check-ups, hospitalization amid delivery, and post-delivery care.

Pre-existing diseases cover: Your medical coverage deals with the treatment of diseases you may have before purchasing the medical coverage policy.

Accident cover: Your medical coverage can pay for the medicinal treatment of wounds caused because of mishaps and accidents.

Your medical coverage allows you to save tax. Your premium payment can decrease your taxable income.