Medical Insurance Back

Medical Insurance: Boon or Bane

HEALTH INSURANCE – BOON TO THE COMMON MAN 

In the era of enormous  medical problems and increasing cost of health care, families are forced to face crippling financial burden when someone  falls ill.  Not only people with limited resources, even affluent families can find sudden medical expenses stressful. Hence, it is mandatory for everyone to have coverage for their unforeseen medical problems.

The basic concept of  Health Insurance  is risk sharing . We contribute premiums to the common pool and our medical expenses are covered by that. We have four public sector insurance companies namely,  New India Assurance,  United India Insurance, National Insurance  and Oriental Insurance. There are several Private Insurance companies also like Bajaj Alliance, Cholamandalam, HDFC, STAR and ICICI Lombard. 

Many corporate companies take health insurance policies for the employees called tailor made policies. Any individual can take a health insurance policy from any Insurance company and it is called as an Individual Policy.

Government employees are covered by state and central government health schemes. People whose family income is less than Rs.72000 per annum are covered by Chief Ministers comprehensive health insurance scheme, by which treatment can be availed in many private corporate hospitals.It is advisable for those who are not covered under health insurance schemes to get proper insurance cover to protect themselves.

Related Articles