Health Insurance

         

What is Health Insurance?

Health insurance offers financial protection to meet the expenses incurred due to hospitalization or treatment of some disease. It is an understanding signed between the insurance company and the policyholder. The company or the insurer agrees to provide the sum insured or the coverage amount to the policyholder (the insured) for meeting the medical expenses. To get this benefit, the insured has to pay a certain amount of money in the form of premium. However, not all kinds of situations and cases are covered by health insurance. These are called exclusions. Let us understand health insurance in detail.

What is Health Insurance Premium?

To  get the financial protection under a health insurance plan, you need to annually pay certain amount of money in the form of premium. This can be called the cost of the insurance. Premium is an important aspect to be considered before finalizing a plan. Always use the premium calculator available on the insurance company website or insurance web aggregators to know the premium amount. This helps to compare different plans and to gauge your affordability of buying the plan. Some of the factors taken into account while deciding the premium amount are:

• Type of insurance plan: The premium for a health insurance plan depends on the type of plan chosen. It is different for a family floater and an individual plan
• Nature of work of the applicant: The nature of your occupation goes on to decide the premium amount. If your nature of work is riskier, you will pay a higher premium amount. For instance, a truck driver’s job is riskier than that of a teacher. Thus, the driver will pay higher premium compared to the teacher
• Age: For getting a health insurance plan, age is an important factor. Thus, it also decides the premium  amount. Higher the age, higher the premium amount, as older people have higher chance of suffering from any illness
• Current medical condition: Any medical history or rather the current medical situation of the person plays a vital role in deciding the premium amount. In case of any pre-existing illness, the premium might go up
• Number of family members covered: For an individual health insurance plan, you get the coverage for more than one family member. Thus, the premium amount depends on the number of family members included in the plan
• Policy term: The duration of the health insurance policy decides the premium amount. So, if the plan is for longer duration, premium amount will automatically increase

We offer Health Insurance from various companies. For more information and details about the various plans please contact us.