HEALTH INSURANCE

 HEALTH INSURANCE

What is Health Insurance?

Health Insurance is a shield that protects you and your family from financial instability during health emergencies. Against the common misconception that only elderly or people with health risks need to be secured, it is essential for everyone. A good health policy offers peace of mind in times of hospitalization by taking care of your medical bills.

Uncertainties like COVID-19 have taught us the critical need for health insurance. On the other hand, with the continuous spike in medical inflation, a good health insurance plan can protect your finances either by providing cashless treatments or reimbursements on the incurred medical expenses. The flexibility of our policies allow them to be availed either on an individual or floater basis to get wide coverage according to your needs.

Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among many individuals. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement.The benefit is administered by a central organization, such as a government agency, private business, or not-for-profit entity.

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. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment".

A health insurance policy is an insurance contract between an insurance provider (e.g. an insurance company or a government) and an individual or his/her sponsor (that is an employer or a community organization). The contract can be renewable (annually, monthly) or lifelong in the case of private insurance. It can also be mandatory for all citizens in the case of national plans. The type and amount of health care costs that will be covered by the health insurance provider are specified in writing, in a member contract or "Evidence of Coverage" booklet for private insurance, or in a national health policy for public insurance.