Any person can meet with illness, bodily injury, or any accident due to some unfortunate or unexpected event at any point in time. Many expenses are incurred due to such events as hospital stay, medicines, surgery, Doctor's visit, and other medical costs.
Health Insurance provides coverage for all healthcare needs and medical expenses incurred by an insured person.
Health Insurance is a way to distribute the financial risk associated with the variation of an individual's health care expenditure by pooling costs over time (pre-payment) and people (pooling). Health Insurance/ medical insurance refers to a wide variety of policies. These range from policies that cover the cost of doctors and hospitals to those that meet specific needs, such as paying for long term care. Even disability insurance, which replaces lost income if you cannot work because of illness or accidents, is considered health insurance, even though it is not specifically for medical expenses.
A Health Insurance policy is actually a contract between the insurer and the insured. "CONTRACT"-which means 'to draw together.' That's why insurance policies are popularly known as insurance contracts rather than insurance agreements wherein both parties' mutuality is stressed based on the principle of 'Utmost Good Faith' not only at the time of initiation of the contract but also at the time of initiation at the time of termination of the contract.
Health Insurance is important mainly for two reasons:
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