Medical Insurance

An Introduction to Medical Insurance

Medical Insurance also known as health insurance is a protection to individuals and their families against unforeseen expenses. In the process there are two parties namely the insurer and the insured. The party that undertakes to pay a benefit if a pre-specified loss occurs is called the insurer. The organization or agency acting as the insurer may be private or government owned. On the other hand the policy holder whose interests are protected by an insurance policy is called the insured. The insurer reimburses the medical costs of the insured in case of unforeseen but specified medical expenditures arising from illness, injury or accidents. All this comes for a cost known as insurance premium which is to be paid to the insurer at certain intervals. Nowadays this can be done online also.

Categories of medical insurance:

There is the flip side to medical insurance too. Medical insurance cost has risen manifold in last few years and the services provided are imitation of one another thus making choice difficult.

Individual Medical Insurance:

These types of medical insurance plans provide protection and indemnity on an individual basis. Insurance premium for individual plans are higher than that for a group policy.

Group Medical Insurance:

These medical insurance plans usually available through an employer or society or union are written on a number of people under a single master policy.

Special Plans:

This plans are specially structured to suit the needs of elderly persons, veterans of military service and Anglo Americans.

Compare Health Plans:

Health insurance is a contract between the insurance company and the insured person to cover the medical cost that might arise from illness, accidental injuries, surgeries and other medical complications. Generally this contract is made for a year and the person pays a fixed premium for obtaining the insurance and for a specific assured sum. That means the insurer will pay maximum to the level of the sum assured for the medical expenses of that individual with the stipulated one year time period. After the completion of that one year the insurance policy may be renewed by paying the renewal premium.
There are commonly two types of health insurance � the individual health insurance and the family health policy. While the individual health insurance is for a particular person, the family health policy is designed for entire family and covers each member of the family.
The claim of the health insurance can be made after the medical procedure is over by submitting the details of the treatment. There are certain health insurance policies that also let you enjoy the cashless admission to the hospitals and you need not spend anything for the treatment.

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