What is Health insurance?

Health insurance serves as a financial instrument designed to offer coverage for medical costs. A health insurance policy constitutes a contractual agreement between the insurance provider and the policyholder. In this arrangement, the policyholder pays a premium to the insurer, who in turn provides financial protection against healthcare-related expenses.

This type of insurance encompasses a broad spectrum of medical costs, including expenses for medications, surgical procedures, physician consultations, hospital room charges, ambulance services, and additional healthcare needs.

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How Health Insurance Works?

Health insurance, like any other type of insurance policy, serves to mitigate the financial impact of accidents or emergencies. It is essential to understand the operational mechanics of health insurance. The process begins with your application for a plan. Based on factors such as your age, medical history, desired coverage amount, and the specific plan you choose, you will receive premium quotes. In certain instances, the insurance provider may require you to undergo medical examinations before determining your eligibility for coverage. Once the terms and conditions are agreed upon, you will receive your policy document. Each policy includes specific waiting periods, with the initial waiting period typically lasting a few weeks to a month, during which non-emergency claims cannot be made.

Conversely, if you opt for treatment at a non-network hospital, you will need to pay upfront and subsequently submit a claim for reimbursement. In either scenario, you can access the necessary medical care without the concern of incurring significant out-of-pocket expenses.

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