Health insurance provides financial and medical treatment for an individual when he is sick or disabled, while he pays a fixed amount of money in advance called premium and he is healthy.
Health insurance is necessary to meet any contingencies of heavy health expenditure on account of expensive physical or mental disease, accidental mishap, etc.
It is not possible to foot the hospital bills by every sick person, as today medical care is becoming increasingly expensive. By paying a small amount of premium, one makes it sure that if he is looked after when suffer from sudden illness/injury. The health insurance companies follow scientific methods to arrive at the premium to be charged from the normal individuals as per their age and health profile. It is possible to make insurance for the whole family which makes it possible to get good health care at reasonable cost through the insurance companies. As a person becomes ill the first thing that is affected is his earning capacity. Secondly he needs more money to look after himself and his family due to increased expenditure. Hence health insurance is important. Health insurance provides monetary as well as psychological strength when affected by illness and it brings back an individual to normal life.
Benefits of health insurance
- Health insurance protects you from high, unexpected costs
- Provide peace of mind
- Protect your family's financial future
- Take advantage of health and wellness resources as some policies cover regular health check ups