Health Insurance Policy

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Health Insurance
Health insurance is comprehensive insurance that covers a specific or an entire portion of an individual’s risk e.g., his medical expenses, spreading over a number of persons. This insurance can be purchased individually or grouped with other insurances such as life insurance, disability insurance, mortgage insurance, etc. It serves as a contract between an insurer and the insured where the insurer agrees to pay the insured a sum of money in return for the insured taking out a policy with the insurer.

Health insurance covers a wide variety of services and does not restrict the insured to a particular medical service or procedure. Usually, the term of the policy is for a year or sometimes it may even cover the individual for a lifetime. In short, it aims at providing financial security to the individual by means of income in case of sudden illness or death and pays all or most of his/her medical bills. The policy also takes care of the insured during any surgical expenses, regardless of whether he undergoes the treatment himself or is taken to a specialist for the same.

The health insurance premiums paid by an individual to remain constant until he attains his age of 65. The insured gets benefits at this point and is able to avail of the benefits according to the schedule decided by the insurer. The insured can also choose to take an additional amount of premium to increase his benefits if he wants so. The premium payments are deductible as per the rules of the health insurance company.

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