What is Health Insurance?
The term health insurance (popularly known as Medical Insurance or Mediclaim) is a type of insurance that takes into includes cover for your medical expenses. Health insurance comes in handy in the event of severe emergencies. Health Insurance provides a financial cover for medical expenses incurred, in the event of an illness/disease or accident.
Health insurance covers medical expenses to the insured, in the event of hospitalisation for more than 24 hours caused due to illness or accident. Health insurance covers Medicare needed by one or family for surgeries, nursing, consultation fees, diagnostic tests, hospital accommodation etc. Health insurance also pays for regular checkups. The insured in return pays a specified total on an annual or biennial basis.