What is Health Insurance?
Health insurance is an insurance product which covers medical and surgical expenses of an insured individual. Subject to the terms of insurance coverage, It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly.
Need for Health Insurance
Medicare or medical costs are rising year on year. As a matter of fact, inflation in medicare is higher than inflation in food and other articles. While inflation in food and clothing is in single digits, medicare costs usually escalate in double digits.
Essential Health Benefits
Most insurance plans will cover a set of preventive services at no cost to you. This includes shots and certain health screenings. If you buy a plan through a Health Insurance Marketplace, your insurance will cover the preventive services. It will also cover at least 10 essential health benefits required by the Affordable Care Act (ACA). All private health insurance plans offered in federally facilitated marketplaces will offer the following 10 essential health benefits (EHBs):
- Ambulatory patient services (outpatient care you get without being admitted to a hospital)
- Emergency services
- Hospitalization (such as surgery)
- Maternity and newborn care (care before and after your baby is born)
- Mental health and substance use disorder services, including behavioral health treatment (this includes counseling and psychotherapy)
- Prescription drugs
- Rehabilitative and rehabilitative services and devices (services and devices to help people with injuries, disabilities, or chronic conditions gain or recover mental and physical skills)
- Laboratory services
- Preventive and wellness services and chronic disease management
- Pediatric services
With health insurance, you are assured of a more secure future both health-wise and money-wise.
by HDFC Life
