Health Insurance and its Benefits

1 2

“Health is wealth” is a quite common phrase, but when is the last time we remembered this phrase?!! I am sure most of your answers would be the last time they had fallen sick. Very true, we understand the true meaning of the expression only when we fall sick or hospitalized resulting in medical expenses.

According to the Health Insurance Association of America, health insurance is defined as “coverage that provides for the payments of benefits as a result of sickness or injury. Includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment”.  To simplify this definition, it is primarily a contract or an agreement between you and your insurance company. You choose a suitable plan, and the company agrees to pay part of your medical costs when you get sick or hurt. Well, you would be surely surprised to know the other benefits!! I have tried to jot down some of them.

1. Benefits to Each Member of the Family

31

The countdown ends on this last benefit, which I am sure you all would be glad to know. Though health insurance policies vary from company to company, there are broadly two types to be classified- single-user plan and family plan. Plans for single-user ensure benefits to the insured person only. On the other hand, family plan as the name suggests covers all the family members equally. It is also cheaper to have a family plan against multiple single-user plans. Besides it has higher coverage rates that are shared among everyone in the family.

2. Risk Cover

32

Life today is full of uncertainties. To be true, we are helpless when it comes to the nature. Health insurance ensures a healthy life to your loved ones even after the primary breadwinner is lost or becomes disabled. Well, the emotional loss remains to exist but the financial crisis can be overcome.

3. Outpatient Care

33

We generally assume that the scope of health insurance is limited to hospitalization or daycare procedures. Well, this is the half side of the story; the other half says that several policies offer outpatient care. That is, treatment undergone at home as per doctor’s advice. The doctor’s prescription, bills suffice you to claim the coverage in such cases.

4. Loans

34

Well, what can be better than this!, Being a policy holder you have your health insured, the above mentioned benefits, plus you have the option of taking loan against the policy. This helps you meet your unplanned life stage needs without adversely affecting the benefits of the policy they have bought.

5. Gives you a Peace of Mind

35

As we all know, the health insurance protects you against the severe cash crunch that you face after an unexpected medical condition. Thus it gives you a greater peace of mind about the possible consequences of such circumstances. It’s better to relax with health insurance than to have a stressful tomorrow.

1 2


About The Author