What is Health Insurance?
The term health insurance (popularly known as Medical Insurance or Mediclaim) is a type of insurance that covers your medical expenses. Health insurance comes in handy in case of severe emergencies. Health Insurance provides a financial coverage for medical and hospitalization expenses, in case of an illness/disease or accident.
Health insurance provides for medical expenses to the insured in case of hospitalization for more than 24 hours caused due to illness or accident. Health insurance covers Medicare needed by individual or family for surgeries, nursing care, consultation fees, diagnostic tests, hospital accommodation et al. Health insurance also pays for regular checkups. The insured in return pays a specified amount called premium on an annual or biennial basis.