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FACTS ABOUT HEALTH INSURANCE


“HEALTH IS WEALTH” it is one of the most popular saying. If your health is not good then you can’t have any fun or enjoy in your life. You can’t enjoy the leisure of the world if you are not feeling well, every person in the world ants to live in good health. Health insurance is a means of getting financial assistance in case you are not well or are suffering with some disease. It is a major investment and should be undertaken with proper care. You should understand the terms and conditions of the health insurance before undertaking one.


Health insurance is provides by either the private insurance companies or the government insurance companies. There are many kinds of health insurances available in the market but almost every health insurance policy covers a fixed percentage of the medical expenses of the policy holders. The term coinsurance used in the health insurance is used for that percentage of the medical bills that the health insurance company will pay to the insured after all the deductions have been made.


Most of the big companies provide for the group health insurance of its employees. This helps the employees in getting medical aid from private hospitals fast and they also don’t need to spend money for this. There are some trade unions and labor unions also that provide for the health insurance of the employees. In most of the cases the children and the spouse of the employee are also included in the benefit of the group insurance policy.


Individual health insurance policies are somehow different from the group health insurance. In this kind of health insurance the person seeking health insurance needs to fill in the health questionnaire and have a medical examination by the insurance company so as to provide the proof of insurability to the health insurance company. The individual health insurance policies can be made according to your requirements.


Health insurance companies also deal in family health insurance policies. It is a great mean of providing security to your family. You feel relaxed that if some thing wrong happen with your family then you will be have a financial support to tackle that problem.


Health insurance is a contract that needs to be renewed every year. The insurance company can change the premium amount or the conditions of the policy at the time of renewal. The premium you require to pay to the health insurance company depends upon the terms of the company and your medical reports. For example if you are already suffering from some serious illness then the premium will be more and if you are in good health at the time of taking the policy then your premium may be less.


Age factor also affects the premium of the health insurance, as a person is more prone to diseases in old age as comparison to when he was young. There are several other factors on the basis of which the health insurance company decides your premium that you require to pay to the health insurance company.