Medical Insurance
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Medical Insurance
A medical insurance policy is essentially a contract between an insurance company and the policyholder, whereby the insurer will pay for medical expenses of the policyholder (as per conditions highlighted in the medical insurance policy document). The insurer will either reimburse you for your medical expenses or settle the bill directly with the hospital. In order to avail a medical insurance policy, policyholders have to pay a premium, which varies from customer to customer and insurer to insurer as a result of various factors, including, age, lifestyle, job, gender, history of medical illnesses, family history of various diseases, amongst other factors. Medical insurance plans offer the policyholder coverage against hospitalization charges, pre-hospitalization charges, post-hospitalization charges and ambulance expenses.
What Are The Benefits Of A Medical Insurance Policy ?
56% of Indians still do not have or have inadequate medical insurance cover. Due to the same they spend out of pocket from their monthly income or savings on availing medical services, which hinders the social and economic development of the country. In fact, as per data provided by the Public Medical Foundation of India (PHFI) out-of-pocket medical expenses drove 55 million Indians into poverty in 2017, and of these, 38 million (69%) were impoverished by expenditure on medicines alone. The importance of having a medical insurance policy can not be emphasized enough, especially given the rising cost of availing medicalcare and the crippling impact a disease can have on your finances and future. There are a range of benefits offered by medical insurance policies due to which you should opt for them.